Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, January 5, 2015

CORRECTED-GFI employees seek to leave if BGC bid succeeds -FT, (NASDAQ: BGCP), (NASDAQ: CME), (NYSE: GFIG)

More than 100 employees at the U.S. interdealer broker GFI Group have asked the company to alter their contracts to allow them to leave if a hostile takeover bid by a rival firm succeeds, according to a report on Sunday by the Financial Times.Some of the people seeking to leave are senior employees, the report said, citing two people familiar with the matter. They are worried about working within the corporate culture of the bidding company, BGC partners, according to the report.A spokesman for GFI declined to comment. Officials at BGC did not immediately respond to an email seeking comment.In its quest to purchase GFI, BGC has been engaging in a bidding war with futures market operator CME Group since September. CME last month raised its offer for GFI from its initial $4.55 per share bid to $5.25 per share, but BGC announced on Dec. 19 it was raising its rival bid to $5.45 per share and extending its tender offer to Jan. 6.

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 1.31% or $-0.12/share to $9.02. In the past year, the shares have traded as low as $6.00 and as high as $9.57. On average, 952981 shares of BGCP exchange hands on a given day and today's volume is recorded at 224282.

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 0.53% or $0.47/share to $88.61. In the past year, the shares have traded as low as $66.44 and as high as $93.91. On average, 1543690 shares of CME exchange hands on a given day and today's volume is recorded at 344138.

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 fell by 0.37% or $-0.02/share to $5.42. In the past year, the shares have traded as low as $2.98 and as high as $6.18. On average, 337206 shares of GFIG exchange hands on a given day and today's volume is recorded at 16520.



Source