BGC clinches GFI deal as hostile bid draws to a close
Battle between CME and BGC ends after GFI board agrees to deal
BGC Partners's hostile takeover bid for its rival broker has ended in success after GFI Group's board agreed to support a $6.10 per share tender offer, weeks after shareholders rejected the initially proposed tie-up with CME Group.
The deal values GFI at $778 million and so far some 48% of outstanding stock has been tendered to BGC at the $6.10 price, exceeding the 45% requirement limit. The tender deadline has been extended to February 26, to allow shareholders to exchange their stock for cash
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