GFI board to review BGC buyout offer
Recommendations due no later than November 4
The board of brokerage firm GFI Group confirmed it will review the recent buyout offer from rival BGC Partners and announce its formal position no later than November 4.
BGC made a hostile bid for the US-based broker on September 9, offering $5.25 in cash for each GFI share in a transaction valued at about $675 million. BGC already owns 13.5% of GFI's common stock.
The offer threatens to disrupt GFI's sale of its energy trading business, Trayport, and its software provider, Fenics, to CME. This
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