GFI Stockholders on Brink of BGC Acquisition Threshold
Final tenders required by tonight's deadline
Howard Lutnick, CEO at BGC and Cantor, says tenders at the new price currently represent around 43.3 percent of GFI shares. The threshold to reach before the offer's expiry at 5 p.m. EST today is 45 percent.
The competition for GFI's ownership has now lasted well past six months, though it increasingly appears BGC's main competitor, CME Group, is giving up the fight and a consensual deal will finally be reached. $6.10 is nearly a dollar-per-share higher than BGC's initial offer of $5.25.
For a detailed chronology of developments in the hostile bidding process, click here.
"Together, BGC and GFI can create a larger, faster-growing, more diversified and financially stronger company that we believe will provide substantial benefits to GFI's customers, counterparties, regulators, brokers and other employees," Lutnick said in a statement.
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