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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
S&P debuts Spark Assist genAI copilot, draws up ‘Blueprints’ of combined datasets
S&P’s Kensho subsidiary has rolled out new emerging tech products leveraging AI to explore and combine the vendor’s wealth of datasets to solve common use cases.
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
Verafin launches genAI copilot for fincrime investigators
Features include document summarization and improved research tools.
Waters Wrap: Open source and storm clouds on the horizon
Regulators and politicians in America and Europe are increasingly concerned about AI—and, by extension, open-source development. Anthony says there are real reasons for concern.
Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs
Joseph Lo, head of enterprise platforms at Broadridge, joins the podcast to discuss AI tools.
Man Group CTO eyes ‘significant impact’ for genAI across the fund
Man Group’s Gary Collier discussed the potential merits of and use cases for generative AI across the business at an event in London hosted by Bloomberg.
BNY Mellon deploys Nvidia DGX SuperPOD, identifies hundreds of AI use cases
BNY Mellon says it is the first bank to deploy Nvidia’s AI datacenter infrastructure, as it joins an increasing number of Wall Street firms that are embracing AI technologies.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs