BGC Proposes Contingent Increase in GFI Offer

Interdealer broker ups the stakes as crunch time approaches for rival bid.

BGC has upped the stakes once more in its pursuit of GFI.

Prior to the latest move, BGC's offer price was $5.45, in an all-cash tender offer for the firm presented directly to shareholders. The revised offer is part of an executed agreement delivered to GFI.

"Each of our offers has obviously been superior to those of CME and GFI management," says Howard Lutnick, president and CEO at BGC Partners. "It defies all logic that the GFI special committee and board have refused, up until now, to exercise their fiduciary duties and determine that our offer is s

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