BGC Partners is likely to make an unsolicited US$675 million all-cash offer for derivatives broker and rival GFI, The Wall Street Journal has reported.
BGC’s offer of $5.25 a share could derail GFI’s July agreement to sell itself to CME Group for $580m in stock, or $4.55 per share, the publication said.
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BGC intends to go directly to GFI shareholders if its proposal is rejected, sources familiar with discussions told WSJ.
New York-based BGC, which was spun off from Cantor Fitzgerald LP a decade ago, currently has over US$640 million of cash on hand, the report said.
The move is part of BGC’s strategy to consolidate the interdealer broker business amid a slowdown in bond, currency and commodities markets.
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