Interdealer broker BGC Partners Inc plans to launch its $5.25-per-share tender offer for rival GFI Group Inc as early as Wednesday after attempts to strike a deal failed, the Wall Street Journal reported, citing people familiar with the matter. Talks between the firms hit a roadblock over negotiations relating to a confidentiality agreement that would give BGC access to inside information about parts of GFI's business. In return GFI asked a pledge from BGC not to recruit its key employees, a request the two sides couldn't agree upon, the sources told WSJ. (on.wsj.com/1tc5UO6)BGC, run by Cantor Fitzgerald Chief Executive Howard Lutnick, launched a $675 million hostile bid for GFI on Sept. 9, topping an agreed offer from exchange operator CME Group Inc .About a week later GFI's board of directors announced their support for the agreed-upon offer by CME as it had not determined if the BGC offer was superior to that of CME.Representatives at BGC and GFI were not immediately reachable for comment outside regular U.S. business hours.
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 traded higher by 1.15% or $0.085/share to $7.49. In the past year, the shares have traded as low as $5.20 and as high as $8.01. On average, 970262 shares of BGCP exchange hands on a given day and today's volume is recorded at 439139.
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 traded higher by 0.82% or $0.65/share to $80.04. In the past year, the shares have traded as low as $66.44 and as high as $84.71. On average, 1607210 shares of CME exchange hands on a given day and today's volume is recorded at 1097470.
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 remained unchanged at $5.13. In the past year, the shares have traded as low as $2.98 and as high as $6.18. On average, 1153820 shares of GFIG exchange hands on a given day and today's volume is recorded at 177146.
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