Bernhard Freytag, the ousted chief executive of Spütz, a German brokerage house, has accused Spütz's advisory board of failing to act in the interests of minority shareholders over the attempted hostile bid by UK incubator NewMedia Spark.

Freytag said that he was sacked from his post last week after majority shareholder Van der Moolen, the international trading firm, pressurised board members to dismiss him. He claimed that this was the direct result of his resistance to NewMedia Spark's €8.5 ($7.9) per share offer. Freytag had advised shareholders to reject the share offer and wait for a better offer from a white knight.