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Friday, January 30, 2015

GFI Group shareholders reject proposed CME Group takeover, (NASDAQ: BGCP), (NASDAQ: CME), (NYSE: GFIG)

GFI Group Inc shareholders on Friday rejected a proposed takeover by CME Group Inc, forcing the companies to terminate a merger agreement, according to the companies. CME Group, the world's largest futures exchange operator, for months has been locked in a bidding war for derivatives broker GFI Group with inter-dealer broker BGC Partners Inc .CME Group first agreed to acquire GFI Group last July for a total of around $820 million. In September, BGC Partners topped CME Group's initial offer in a hostile bid.CME Group had pursued GFI Group to acquire two GFI units that would allow it to expand its reach in the European energy and global foreign exchange markets.GFI Group's stock price has climbed 80 percent since the day before CME announced its takeover offer in July. CME Group shares have advanced about 15 percent over the same period, while BGC Partners' shares are down slightly.

BGC Partners, Inc. is a global brokerage Company servicing the financial and real estate markets. Shares of BGCP fell by 4.34% or $-0.355/share to $7.83. In the past year, the shares have traded as low as $6.10 and as high as $9.57. On average, 925855 shares of BGCP exchange hands on a given day and today's volume is recorded at 862224.

CME Group Inc. (CME Group) offers 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 1.07% or $-0.92/share to $85.30. In the past year, the shares have traded as low as $66.44 and as high as $93.91. On average, 1496780 shares of CME exchange hands on a given day and today's volume is recorded at 1533456.

GFI Group Inc. is a provider of brokerage and trade execution services, clearing services, market data and trading platform and other software products to institutional customers in markets for a range of fixed income, financial, equity and commodity instruments. Shares of GFIG fell by 1.23% or $-0.07/share to $5.61. In the past year, the shares have traded as low as $2.98 and as high as $6.19. On average, 437639 shares of GFIG exchange hands on a given day and today's volume is recorded at 1024995.



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