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Wednesday, October 22, 2014

Interdealer broker BGC Partners takes GFI offer to shareholders, (NASDAQ: BGCP), (NYSE: GFIG)

Interdealer broker BGC Partners Inc went ahead with its hostile $675 million bid for rival GFI Group Inc after talks between the two companies reached a deadlock.BGC on Wednesday commenced an all-cash tender offer of $5.25 per share for GFI stock that it does not already own.The terms remain unchanged from BGC's Sept. 9 proposal that topped exchange-operator CME Group Inc's $4.55 per share all-stock bid."Despite our best efforts to engage with GFI regarding a negotiated transaction, we have been met with only unreasonable demands and delay tactics," BGC Chief Executive Howard Lutnick said in a statement on Wednesday.

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.

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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