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Stock Market & Financial Investment News

News Breaks
January 16, 2013
05:26 EDTBGCPBGC France Holdings acquires Ginalfi Finance, terms not disclosed
BGC France Holdings, a subsidiary of BGC Partners announced that it has acquired Ginalfi Finance, an interdealer broker based in Paris. Financial terms were not disclosed.
News For BGCP From The Last 14 Days
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January 22, 2015
14:36 EDTBGCPGlass Lewis Recommends GFI Group holders vote against merger with CME Group
BGC Partners (BGCP) announced that Glass, Lewis & Co. has recommended that shareholders of GFI Group (GFIG) vote AGAINST the merger agreement with CME Group (CME) at the special meeting of GFI shareholders scheduled for January 27. Howard Lutnick, Chairman and CEO of BGC, said: "We are pleased that, after thorough and independent analysis, Glass Lewis recognizes the 'flawed and conflicted' nature of the proposed CME-GFI management $5.85 stock and cash transaction."
January 21, 2015
09:43 EDTBGCPISS recommends GFI shareholders vote against merger with CME Group
BGC Partners (BGCP) announced that Institutional Shareholder Services has recommended that shareholders of GFI Group Inc. (GFIG) vote AGAINST the merger agreement with CME Group (CME) at the special meeting of GFI shareholders scheduled for January 27, 2015. Howard Lutnick, Chairman and CEO of BGC, said: "We are pleased that, after thorough and independent analysis, ISS recognizes the economic inferiority and conflicted nature of the proposed CME-GFI management $5.85 stock and cash transaction, as well as the economic superiority of BGC's $6.10 all-cash offer. We also note that ISS recommends that GFI shareholders tender their shares to BGC as long as the CME-GFI management bid remains below our offer price. We remain fully committed to completing this transaction and urge shareholders to protect the value of their investment in GFI by voting against all of the proposals related to the CME transaction at the special meeting of GFI shareholders. We also remind GFI shareholders to tender their shares into our clearly superior offer in order to receive the higher value to which they are entitled." In its analysis, ISS noted the following regarding the proposed CME transaction: "As the proposed transaction is economically inferior to the unsolicited all-cash competing offer, yet it is not at all clear that unaffiliated shareholders incur any greater downside risk in holding out for the economically superior offer from this ongoing bidding war, shareholders should vote AGAINST the proposed transaction on its current terms….and, if that offer does not improve to at least parity with the BGC bid, tender into the BGC offer instead..."
January 20, 2015
13:08 EDTBGCPOn The Fly: Midday Wrap
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12:12 EDTBGCPGFI Group up about 5.5% after BGC Partners raises all-cash offer to $6.10 p/s
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12:08 EDTBGCPBGC Partners raises all-cash offer to acquire GFI Group to $6.10 per share
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12:05 EDTBGCPBGC Partners raises all-cash tender offer to acquire GFI Group to $6.10 p/share
08:39 EDTBGCPCME raises GFI Group offer to $5.85 per share
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08:37 EDTBGCPCME raises GFI Group offer to $5.85 per share
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January 15, 2015
13:14 EDTBGCPGFI Group up 3% after BGC Partners raises takoever offer
13:12 EDTBGCPBGC announces contingent increase of offer to GFI Group to $5.85 per share
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13:10 EDTBGCPBGC Partners announces contingent increase of offer to GFI Group to $5.85
January 14, 2015
06:09 EDTBGCPBGC announces contingent increase of offer to acquire GFI to $5.60 per share
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06:05 EDTBGCPBGC announces contingent increase of offer to acquire GFI to $5.60 per share
January 13, 2015
15:05 EDTBGCPBGC Partners increases GFI Group takeover offer to $5.60 per share
BGC Partners (BGCP) disclosed in a regulatory filing that the company delivered to GFI Group (GFIG) an offer letter, dated January 13. As previously disclosed, BGC has engaged in good-faith discussions with the GFI special committee of the GFI board for more than three months, and, in the course of those discussions, BGC believes that it has resolved and addressed each and every meaningful issue raised by the special committee. The executed offer letter and tender offer agreement are the results of those discussions, and, therefore, BGC believes that their terms constitute a “Superior Proposal” under the agreement and plan of merger, dated as of July 30, 2014 and amended on December 2, 2014, by and among GFI, CME Group (CME), Commodore Acquisition and a wholly owned CME subsidiary. The tender offer agreement provides that, once executed by GFI in accordance with the terms of the offer letter, BGC will amend its existing tender offer to purchase all of GFI’s issued and outstanding shares, so that the offer price will be increased to $5.60 per share payable net to the seller in cash, without interest. The tender offer agreement also provides that BGC will advance up to $61M to GFI in order to pay any termination fee payable to CME under the CME merger agreement, if any, fees and expenses incurred in connection with the negotiation and preparation of the tender offer CME agreement and up to $15M of borrowings under GFI’s credit agreement.
15:00 EDTBGCPBGC Partners increases GFI Group takeover offer to $5.60 per share
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