BGC, GFI Reach Acquisition Agreement
End of takeover saga in sight as GFI accepts tender offer

GFI directors have unanimously agreed to BGC's tender offer of $6.10-per-share for all of the outstanding shares of GFI common stock. BGC confirmed it had acquired 48 percent of GFI shares, exceeding its initial target of 45 percent, although the firm reduced the minimum tender condition to 43% to "make closing the deal even more certain."
As part of the agreement, BGC will take control of the GFI board, controlling six out of the eight seats, while GFI will operate as a separately-branded division of BGC. Michael Gooch and Colin Heffron, current GFI executive chairman and chief executive officer, respectively, are expected to remain as executives and members of the board of directors.
On January 30, rival bidder CME Group saw its offer of a CME-GFI merger rejected by GFI shareholders.
"We are very happy to have reached an amicable conclusion to this long process," says Shaun Lynn, president of BGC. "We look forward to working with the management team and brokers of GFI as we build what we hope will be the largest and most profitable global wholesale brokerage company."
BGC has extended its tender offer deadline to February 26.
For a detailed chronology of the entire bidding process, click here.
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