Chicago-based Getco has tabled a bid to buy fellow electronic market-maker Knight Capital Group, which has been struggling since an expensive technical glitch cost the firm $460 million in August.
Getco's offer is worth $3.50 per share, with the deal taking place in cash and shares and maintaining Knight's presence on the New York Stock Exchange. Knight's share price has been rising steadily over the past few days, as rumors of the expected takeover have surfaced. Getco's CEO Daniel Coleman wrote in a letter to Knight that by splitting the offer between cash and shares, Knight's shareholders...
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