The CME raised on Wednesday its GFI bid to match BGC's $5.25 a share offer
US broker BGC Partners has moved to stress that its offer to
buy rival GFI Group is superior to that of CME Group despite
the US exchange sweetening its bid yesterday.
BGC said in a statement that its all-cash
offer of $5.25 a share was better than the stock and cash offer
at the same price made by CME Group on Wednesday.
Howard Lutnick, the chairman and chief
executive of BGC, added: "We have made significant progress in
receiving the necessary regulatory approvals, including early
termination of the HSR waiting period in the US and approval by
the Financial Conduct Authority in the UK, and our all-cash
offer provides immediate liquidity to GFI shareholders upon the
close of our tender offer."
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