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FOR IMMEDIATE RELEASE Jefferies Acquires Balance of Bonds Direct Securities Plans Continued Growth of Institutional Trading Platform NEW YORK--(BUSINESS WIRE)--Sept. 22, 2004--Jefferies Group, Inc. (NYSE: JEF - News) today announced that it has signed a definitive agreement to acquire the minority interest of Bonds Direct Securities LLC not already owned by Jefferies, which accounts for approximately 45% of the total equity interests. Bonds Direct is a market maker for institutional investors in investment grade fixed income securities. The company will be integrated into the operations of Jefferies & Company, Inc. and, following the completion of the acquisition, will do business as Jefferies. "Jefferies has been pleased with the three years of excellent progress of Bonds Direct, and we are even more excited about the potential growth opportunities available through its full integration onto our platform," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We welcome all of our new employee-partners, and we intend to expand the breadth of the product offerings of Bonds Direct and deliver enhanced service to all our customers." Lee Fensterstock, Chairman and Co-Chief Executive Officer of Bonds Direct Securities LLC said, "We are ecstatic about being part of Jefferies and having full access to the resources necessary to fuel the continued growth of our business." Tim Cronin, President and Co-Chief Executive Officer of Bonds Direct Securities LLC added, "We look forward to working with our partners at Jefferies to accelerate our progress as a leading participant in the fixed income markets serving mid-sized institutional investors." The transaction will be completed with a combination of cash and stock and is expected to be immediately accretive. As of its expected closing in early October, Bonds Direct will be treated as a wholly owned unit of Jefferies for financial reporting purposes. As such, there will no longer be a minority interest earnings reduction associated with the activities of Bonds Direct. About Bonds Direct Bonds Direct Securities LLC is an NASD registered broker dealer that is a market maker in investment grade fixed income instruments for institutional investors. The live two-way markets of Bonds Direct are available through the firm's professional institutional sales force and technology platforms, including auto-execution via an Internet-based platform or through the Bloomberg auto-execution functions. More information is available at www.bondsdirectsecurities.com. About Jefferies Jefferies, a global investment bank and institutional securities firm, has served middle-market and growth companies and their investors for over 40 years. Headquartered in New York, with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com). Contact: Source: Jefferies Group, Inc |
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