Bidding War for GFI Surges

Both sides increase their offers for interdealer broker.

Both sides have been caught in an escalating bidding war.

The latest phase in the tit-for-tat battle has seen BGC's offer increase twice in as many days, but the new bids from both sides add layers of complexity.

BGC previously announced a contingent increase in its all-cash tender offer to $5.60 per share, provided that the board and special committee of GFI accepted that their proposal constitutes a superior offer to that from CME Group.

CME fired back in a joint announcement with GFI, saying that through a combination of contributions from both them

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