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Stock Market & Financial Investment News

News Breaks
February 14, 2013
08:18 EDTBGCPBGC Partners reports Q4 EPS 10c, consensus 12c
Reports Q4 revenue $436.3, consensus $430.94M.
News For BGCP From The Last 14 Days
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January 30, 2015
17:27 EDTBGCPGFI Group announces exploration of strategic alternatives
GFI Group (GFIG) announced that the company's board will explore strategic alternatives with any and all interested parties to maximize shareholder value for all shareholders. These alternatives could include, among others, joint ventures, mergers and/or acquisitions. The company announced that it has determined to terminate the CME merger (CME) agreement. GFI Group executive chairman Michael Gooch stated, "During the past year the company, its board and its management have focused on a transaction that it believed would maximize value for all shareholders. While we are disappointed that the CME merger was not approved by our shareholders, we appreciate their view and will work tirelessly to find a strategic alternative that offers the company's shareholders the chance to maximize the value of their investment. We are pleased that over the past year we have been successful in demonstrating the value of the company's assets and increasing substantially the company's capitalization. We look forward to returning value to shareholders."
17:13 EDTBGCPGFI Group, CME Group terminate merger agreement
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16:36 EDTBGCPBGC Partners sys GFI Group shareholders reject CME Group merger proposal
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11:46 EDTBGCPGFI Group investors reject bid by CME, clearing way for BGC, Bloomberg says
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07:54 EDTBGCPOdds stacked against CME bid for GFI Group as vote looms, WSJ says
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January 29, 2015
06:12 EDTBGCPBGC Partners reaffirms offer to acquire GFI Group for $6.10 per share
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January 28, 2015
06:16 EDTBGCPBGC Partners urges GFI holders to vote AGAINST CME Group transaction
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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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