BGC aims for GFI buyout
Bid may scupper pre-existing GFI-CME deal
BGC Partners has launched a hostile takeover bid of rival brokerage firm GFI Group – a move that may disrupt CME's purchase of two of GFI's business lines, which was announced in late July.
BGC is to offer $5.25 in cash per share in a transaction valued at roughly $675 million, according to a press release issued today. This valuation represents a 68% premium to the price of GFI shares on July 29. BGC already owns 13.5% of the firm's common stock.
GFI was preparing to divest itself of its energy
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