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News Breaks
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 Knights 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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September 23, 2014
16:23 EDTKCGKCG Holdings to cut 4% of workforce, to recognize pre-tax charge of $5M-$6M
KCG Holdings disclosed in a regulatory filing that on September 2, KCG Holdings commenced a workforce reduction plan. This action is designed to rationalize redundancies, improve efficiency and realign resources to areas with a greater potential for future growth. The workforce reduction plan impacts approximately 4% of KCGs workforce, and will be completed by early October. KCG currently estimates that it will recognize a pre-tax charge in connection with the workforce reduction of $5M to $6M during the third quarter. The charge is expected to consist of severance, other one-time termination benefits, and other associated costs. KCG expects $3M to $4Mon of these charges to result in future cash expenditures. In addition to the charges associated with this workforce reduction plan, KCG estimates that it will recognize additional pre-tax charges of approximately $6M to $7M in connection with other employee separations that occurred during the third quarter.
September 18, 2014
07:33 EDTKCGUBS to hold a conference
FinTech Conference to be held in New York on September 18.

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