Third Avenue Management, a US-based investment manager, has made a $307m (€251m) counter bid for Instinet's institutional brokerage division, already the subject of a $205m offer from private equity group Silver Lake Partners.

The offer could delay a $1.8bn takeover of the whole of Instinet by Nasdaq.

Third Avenue wades into Nasdaq's Instinet bid

Nick Clark

The Bank of New York

Nasdaq

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