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Stock Market & Financial Investment News

News Breaks
December 5, 2012
18:10 EDTCMECME Group declares annual variable dividend of $1.30
CME Group declared its annual variable dividend, amounting to $1.30 per share. The dividend is payable December 28 to shareholders of record December 17. Because of uncertainty regarding future taxation of dividends, CME Group's board of directors has accelerated the timing of this dividend – which would have been paid in Q1 2013 – into Q4 2012 in order to maximize the after-tax value to its shareholders. The accelerated annual variable dividend is supplemental to the regular quarterly dividend of 45c per share payable December 26 to shareholders of record December 10.
News For CME From The Last 14 Days
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January 22, 2015
14:36 EDTCMEGlass 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."
12:23 EDTCMEGFI Group to host special shareholder meeting
Special Shareholder Meeting to vote on the proposed merger with CME Group is being held in New York on January 27 at 11 am.
January 21, 2015
09:43 EDTCMEISS 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
08:39 EDTCMECME raises GFI Group offer to $5.85 per share
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08:37 EDTCMECME raises GFI Group offer to $5.85 per share
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06:09 EDTCMECME Group upgraded to Buy from Neutral at Citigroup
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January 16, 2015
07:09 EDTCMECME Group weekly volatility increases into Q4 and outlook
CME Group February call option implied volatility is at 25, March is at 23, June is at 21; compared to its 26-week average of 19 according to Track Data, suggesting large near term price movement after the expected release of Q4 results on February 5.
January 15, 2015
13:12 EDTCMEBGC announces contingent increase of offer to GFI Group to $5.85 per share
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08:34 EDTCMECME Group, GFI Group announce revised offer for GFI stockholders to $5.60/share
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07:20 EDTCMENASDAQ may enter energy derivatives market, Reuters reports
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January 14, 2015
06:09 EDTCMEBGC announces contingent increase of offer to acquire GFI to $5.60 per share
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06:05 EDTCMEBGC announces contingent increase of offer to acquire GFI to $5.60 per share
January 13, 2015
15:05 EDTCMEBGC 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.

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