We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
CME Group Inc | NASDAQ:CME | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.34 | 0.16% | 208.34 | 207.25 | 209.69 | 208.90 | 204.00 | 208.17 | 2,143,743 | 22:09:40 |
By Angela Chen
BGC Partners Inc. again raised its offer to fellow broker-dealer GFI Group Inc., now offering $5.60 a share in a bid to thwart CME Group's plans to buy the company.
BGC's new offer represents a 7% premium on the $5.25 a share stock-and-cash deal announced by CME and GFI on Dec. 2. CME, which originally offered $4.55 in cash-and-stock in July, raised its bid last month to match BGC's all-cash offer.
In response, BGC increased its offer to $5.45 a share.
"Each of our offers has obviously been superior to those of CME and GFI management," said BGC Chief Executive Howard Lutnick, adding that it "defies all logic" that the GFI special committee has refused to recognize this.
BGC and CME have been engaged in a bidding war for GFI over the past half-year. Brokers such as CME, BGC and GFI act as middlemen for Wall Street's big banks. BGC, the second-largest broker by market capitalization, went public with its intention to launch a tender offer for the company in September, after taking a 13.5% stake in GFI.
But GFI rejected the BGC bid in November, calling it "highly conditional" due to an impasse over issues such as board seats. At that time, the board members suggested going ahead with CME instead.
GFI shareholders will vote on the CME deal at a special meeting on Jan. 27.
Under the CME deal, CME would keep GFI's energy-trading platform, Trayport, and its pricing-and-data business, known as Fenics, and sell the firm's brokerage-and-clearing operation back to GFI executives.
Shares of GFI closed Tuesday at $5.50 a share.
Write to Angela Chen at angela.chen@dowjones.com
Access Investor Kit for BGC Partners, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US05541T1016
Access Investor Kit for CME Group, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US12572Q1058
Access Investor Kit for GFI Group, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US3616522096
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year CME Chart |
1 Month CME Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions