Global brokerage company BGC Partners has offered to purchase all outstanding shares of rival GFI Group for $5.25 per share in cash, valuing the deal at about $675 million, it said on Tuesday. BGC said its offer represents a more than 15 percent premium to the $4.55 per share offer made by CME Group in July.CME Group, the world's largest futures exchange operator, said in July that it would acquire GFI in an all-stock deal worth $580 million and assume $240 million in outstanding debt, for a total value of about $820 million."Our offer provides a materially higher, all cash price to GFI shareholders, delivering a substantial premium and immediate liquidity," BGC's Chief Executive Howard Lutnick said in a statement.New York-based BGC, which was spun off from Cantor Fitzgerald LP, owns about 13.5 percent of GFI. BGC said it notified GFI's board by letter on Sept. 8 of its intention to commence a tender offer.
BGC Partners, Inc. (BGC) is a global brokerage company primarily servicing the wholesale financial markets, specializing in the brokering of a range of products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, property derivatives, commodities, futures and structured products. Shares of BGCP fell by 1.59% or $-0.12/share to $7.41. In the past year, the shares have traded as low as $5.10 and as high as $8.01. On average, 1133030 shares of BGCP exchange hands on a given day and today's volume is recorded at 1141853.
CME Group Inc. (CME Group) offer a range of global products across all asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. Shares of CME fell by 0.67% or $-0.515/share to $75.94. In the past year, the shares have traded as low as $66.44 and as high as $84.71. On average, 1353010 shares of CME exchange hands on a given day and today's volume is recorded at 1019976.
GFI Group Inc. (GFI) is a provider of wholesale brokerage services, clearing services and electronic execution and trading support products for global financial markets. Shares of GFIG traded higher by 10.55% or $0.48/share to $5.03. In the past year, the shares have traded as low as $2.98 and as high as $5.04. On average, 914697 shares of GFIG exchange hands on a given day and today's volume is recorded at 4664222.
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