BGC Partners Inc is likely to make a $675 million all-cash unsolicited offer for derivatives broker and rival GFI Group Inc in a bid to bolster its business, the Wall Street Journal reported on Monday citing people familiar with the matter. BGC's offer of $5.25 a share could throw into doubt GFI's recent agreement to sell itself to Chicago exchange operator CME Group Inc, the WSJ said. (on.wsj.com/1rxdxtu)BGC planned to make the proposal late Monday in a letter to GFI's board and would go directly to GFI shareholders if its offer was rejected, the financial daily said quoting unidentified sources.CME Group, the world's largest futures exchange operator, said in July it would purchase GFI Group to expand its reach in the European energy and global foreign exchange markets.The owner of the Chicago Board of Trade and Chicago Mercantile Exchange had said it would acquire GFI in an all-stock deal worth $580 million and assume $240 million in outstanding debt, for a total value of around $820 million.
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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