Acquisition Target Inches Closer as BGC Partners Extend GFI Offer
BGC Partners draws closer to GFI Group takeover with two week extension
The battle over GFI has been waged since July last year, although following the rejection of CME's offer by CFI shareholders, the extension of BGC's offer should see the deal finally draw to a close.
According to BGC, approximately 70 percent of GFI shares not owned by executives or directors supported the transaction, and combined with the 17.1 million shares already owned by BGC, means the firm is only 1.7 percent of total shares away from its 45 percent goal required to progress the deal forward.
BGC increased its offer to $6.10 per share on January 29 on the condition that CFI shareholders rejected a proposed CME-CFI merger; a CFI shareholder meeting on January 30 resulted in a rejection of the merger offer.
"Including the 17.1 million shares BGC owns and the 37.9 million tendered, stockholders representing approximately 43.3 percent of GFI shares supported our transaction," says Howard Lutnick, chairman and chief executive officer of BGC. "We are grateful to those stockholders who have already tendered, and believe that just a few passive investors and/or retail stockholders may not have realized how close we all are to reaching our 45 percent goal.
"Giving stockholders the additional time to realize the tremendous value of our proposal should lead to more shares being tendered," he adds. "This in turn will make it possible for all stockholders to receive the $6.10 per share in cash to which they are entitled."
The tender offer is now due to expire at 7 p.m. (EST), February 19, 2015.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: Startup Skyfire launches payment network for AI agents; State Street; SteelEye and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: Standard Chartered’s Brian O’Neill
Brian O’Neill from Standard Chartered joins the podcast to discuss cloud strategy, costs, and resiliency.
SS&C builds data mesh to unite acquired platforms
The vendor is using GenAI and APIs as part of the ongoing project.
Chevron’s absence leaves questions for elusive AI regulation in US
The US Supreme Court’s decision to overturn the Chevron deference presents unique considerations for potential AI rules.
Reading the bones: Citi, BNY, Morgan Stanley invest in AI, alt data, & private markets
Investment arms at large US banks are taken with emerging technologies such as generative AI, alternative and unstructured data, and private markets as they look to partner with, acquire, and invest in leading startups.
Startup helps buy-side firms retain ‘control’ over analytics
ExeQution Analytics provides a structured and flexible analytics framework based on the q programming language that can be integrated with kdb+ platforms.
The IMD Wrap: With Bloomberg’s headset app, you’ll never look at data the same way again
Max recently wrote about new developments being added to Bloomberg Pro for Vision. Today he gives a more personal perspective on the new technology.
LSEG unveils Workspace Teams, other products of Microsoft deal
The exchange revealed new developments in the ongoing Workspace/Teams collaboration as it works with Big Tech to improve trader workflows.