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November 28, 2012
08:26 EDTKCGGETCO offers to acquire Knight Capital for $3.50 per share
GETCO Holding Company submitted a proposal for a business combination between GETCO and Knight Capital Group (KCG). The proposed merger values Knight’s common shares at a price of $3.50 per share. The merger would be accomplished through a two-step process with the first step being a Knight holding company reorganization / GETCO merger with GETCO shareholders receiving approximately 242M newly issued shares of Knight and warrants to purchase Knight common stock. As a result, 57M shares of Knight currently owned by GETCO would be retired. The second step would be an issuer tender offer for up to 154M shares of Knight at a cash price of $3.50 per share. The tender offer would launch before the closing of the merger and would be contingent upon, and close immediately after, the merger closing. GETCO said the optionality embedded in the tender structure means that to the extent some Knight shareholders decide to keep more than 50% of their shares. GETCO said it has lined up $950M of fully-committed financing from a large financial institution. Daniel Coleman, CEO of GETCO, would be the chief executive officer and a board member of the combined company and Tom Joyce will be non-executive chairman of the board. In addition, the board will include four directors nominated by former GETCO shareholders and three directors currently serving on the Knight board of directors. GETCO said it could enter into an agreement by no later than December 3, 2012.
News For KCG From The Last 14 Days
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January 30, 2015
07:10 EDTKCGKCG Holdings reports Q4 EPS 23c, consensus 19c
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January 28, 2015
08:25 EDTKCGKCG Holdings to sell KCG Hotspot for $365M in cash
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08:19 EDTKCGBATS Global Markets to acquire Hotspot FX in cash deal valued at $365M
BATS Global Markets announced a definitive agreement with KCG Holdings (KCG) to acquire Hotspot FX, an institutional spot foreign exchange market, in a cash transaction valued at $365M. Closing is expected in the first half of 2015.
January 23, 2015
10:02 EDTKCGOn the Fly: Analyst Initiation Summary
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09:12 EDTKCGKCG Holdings initiated with a Neutral at Sidoti
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