S business of newmark knight frank, the real estate advisory firm. Bgc s troubled tender offer for gfi group gets an alteration. Stockholders of bgc partners class a common stock received 0. After failing to reach an agreement with gfi s special committee of the board of directors on confidentiality arrangements after several weeks, bgc launched a hostile bid for gfi. Bgc extends deadline for gfi offer financial times.
Gfi offers an array of sophisticated trading technologies and products to a wide universe of financial market participants. The takeover would bolster bgc, the secondlargest broker by market capitalization. In april 2005, bgc partners lp merged with maxcor financial group inc. The respective orders find that bgc and gfi brokers posted bids and offers on their companys electronic platform for efx options when, in fact, no trading institution had bid or offered the option at that levela practice referred to by the brokers as flying. Bgc and a lawyer for gfi group did not immediately respond to requests for comment. In september, bgc partners hosts its 7th annual charity day in commemoration of the 10th anniversary of the 911 attacks. Gfi is a leading intermediary in the global otc and listed markets offering an array of. Distributable earnings defined bgc partners uses nongaap financial measures including revenues for distributable earnings, pretax. In 2015 gfi, a leading intermediary in global otc and listed markets, became a majorityowned division of bgc partners inc.
Jan 15, 2015 new york marketwatch bgc partners inc. Bgc partners tops cme group in bid for gfi group morningstar. This offer is 15% above the cme group cme equity offer. Bgc issues letter to gfi board and special committee. Bgc partners enters into a tough bidding war with cme for acquisition of gfi. Gooch retains the titles of vice chairman of bgc partners, l. Bgcp bgc partners or bgc, a leading global brokerage company servicing the financial and real estate markets, and gfi group inc. Cme and management consortium raise bid for gfi group. Bgcp bgc partners, bgc, or the company, a leading global brokerage company servicing the financial and real estate markets, today announced. Gfi shareholders reject cme merger, clearing way for hostile bid the new york times. The board of the gfi group, the new york brokerage and clearing house, threw its support on friday behind a takeover bid by bgc partners after shareholders rejected a tieup with the cme. Top gfi staff seek exit clause if rival bgc bid succeeds. Gfig deal and steer it to culmination, cme group inc.
The hostile bidder, bgc partners, which is run by howard w. Howard lutnick, chief executive officer of cantor fitzgerald lp and bgc partners inc. This represents bgc partners first move into the commercial real estate industry. In september, bgc partners hosts its 7th annual charity day in commemoration of the 10th anniversary of the 911. Bgc partners tries to push through gfi deal with raised bid. Trading system engineer a driven software development professional is required in the bgc. Bidding war for interdealer broker gfi breaks out as cme. Cme is not considering to the dropout of the fifthlargest global interdealer broker gfi group inc. Bgc calls its offer for gfi superior to cmes raised bid wsj. Distributable earnings defined bgc partners uses nongaap financial measures. Cmes bidding rival for gfi, bgc partners, extends deadline. Gfi will be a controlled company and operate as a division of bgc, reporting to shaun lynn, president of bgc, and its financial results will be consolidated as part of bgc. Bgcp, a global brokerage company servicing the financial and real estate markets, and gfi group inc.
Howard lutnicks bgc wins fight to acquire broker gfi bloomberg. Cme group ups bid for gfi group deal to match bgc s offer. Bgc also announces it has entered into an agreement to acquire the u. Gfi shareholders may pursue lawsuit over aborted merger.
New jobs check out the new jobs at cantor fitzgerald bgc partners gfi newmark knight frank. Bgcp is a global interdealer broker that provides integrated voice and electronic brokerage services including price discovery, trade execution, straightthrough processing, and clearing and settlement to wholesale market participants worldwide. Bgc partners to make bid for rival broker gfi dow jones. Goochs firm, jersey partners inc, once owned more than 46 million gfi shares. Bgc partners gains control of gfi group the new york times. Bgc partners bgc partners announces intent to commence all. Lutnicks firm, cantor fitzgerald lp, owns part of bgc. Payment for shares tendered expected on march 3 independent gfi board members resign. Bgc partners reports fourth quarter and full year 2016 financial results. Whats driving bgc partners and the cme groups interest of gfi.
Katy burne was first to report that bgc partners inc. Bgc partners commences cash tender offer to acquire gfi. Feb 28, 2015 bgc partners said on friday that it had successfully gained a control of the gfi group, the new york brokerage firm and clearinghouse, after a long takeover battle. Bgc partners and gfi group announce successful completion. In september 2005, bgc partners held their first annual charity day event. Bgc successfully completes tender for gfi group bgc. Bgc partners said on friday that it had successfully gained a control of the gfi group, the new york brokerage firm and clearinghouse, after a long takeover battle.
Bgcp bgc partners, bgc, or the company, a leading global brokerage company primarily servicing the financial and real estate markets, yesterday announced it intends to commence a tender offer to acquire all of the outstanding shares of gfi group inc. Bgc appoints 6 out of 8 directors on expanded gfi board bgc partners, inc. Bgc alters its troubled tender offer for gfi group, kind. Et icahn says buying apple is a nobrainer, and a firstever for the vix. Cme group ups bid for gfi group deal to match bgcs offer. Bgc in hostile bid for gfi after negotiations fail telegraph. Bgc partners enters into a tough bidding war with cme for. Bgcp bgc partners, bgc, or the company, a leading global brokerage company servicing the financial and real estate markets, today announced that it has completed its merger with gfi group inc. Jan 04, 2015 top gfi staff seek exit clause if rival bgc bid succeeds. In september, bgc partners announced an intention to launch a hostile tender offer for gfi shares. These offerings include fully electronic brokerage products, as well as offerings in market data, software solutions, and posttrade services across both bgc and gfi.
Founded in 1945, cantor fitzgerald is an innovative global financial services. Going forward, bgc and gfi are expected to remain separately branded divisions. Bgc, gfi, rp martin, amerex, aurel bgc, aurel, cct bgc, sunrise, remate, bgc. Bgc partners completes full merger with gfi group bgc partners. Tariq mundiya, a lawyer for gooch and heffron, declined to comment. Bgc partners said its allcash offer to buy gfi group remains superior to that of rival cme group, which on tuesday increased its cashandstock offer to match bgcs. Bgc partners tops cme group in bid for gfi group bgc partners announced a tender offer for gfi group shares at 15% above the cme group equity offer announced in late. This merger provided for the acquisition of jpi by bgc the jpi merger as.
Feb 27, 2015 gfi group will from then be a controlled company and operate as a division of bgc, reporting to bgc president shaun lynn, the current gfi executive chairman and the current ceo will remain in. Bgc partners has won a sixmonth turbulent takeover campaign to buy brokerage firm gfi. Bcg partners howard lutnick on bid for gfi group bloomberg. Bgc in hostile bid for gfi after negotiations fail. In an attempt to ease fissures in the gfi group inc. Cme group and bgc partners increase offers for us interdealer broker. Cme group matches bgc partners boosted bid for gfi wsj. Gfig gfi group or gfi, a leading intermediary and provider of trading technologies and. The announcement came a week after gfi s directors agreed to unanimously support bgc s offer after shareholders rejected a separate tieup.
Jan 16, 2015 consequently, the company matched the interdealer broker bgc partner inc. The initials bgc standing for that companys founder, bernard gerald cantor. Gfi became a whollyowned subsidiary of bgc in january of 2016. Gfi shareholders reject cme merger, clearing way for. Bgc partners has won a sixmonth turbulent takeover campaign to buy brokerage firm gfi which will see it challenge icaps position as the largest interdealer broker in the world.
The share price later increased in a bidding war after bgc partners announced it would make an allcash offer for gfi. Bgcb is a broker dealer registered with the financial. Gfi groups board to support bgc partners takeover bid. Bcg will use the technology from fenics, its trading software business. Bgc partners and gfi group announce successful completion of tender offer stockholders representing 56. Heffron continues to be the ceo of the gfi division. That bid was topped by gfi s rival bgc partners which made an allcash bid for gfi in september. Bgc partners and gfi group announce successful completion of. The offer is 15 cents higher than its previous bid for gfi, and 35 cents higher than cmes bid, which shareholders are set to vote on later this month. Bgc partners reports fourth quarter and full year 2016. To complete the acquisition, though, cme must best new yorkbased bgc partners, which placed a hostile bid for gfi after cmes initial offer in july.
Bgc claims victory in hardfought gfi takeover battle. Poor software management process, expect to work long hours and i want. Data usage policy fenics market data fenics md is the exclusive distributor of data for bgc partners, inc. Bgc partners completes full merger with gfi group bgc. Gfi groups board to support bgc partners takeover bid the. Will cme group lose out to bgc partners bid hike for gfi. When factoring in bonuses and additional compensation, a broker at bgc partners can expect to make an average total pay of. Oct 22, 2014 bgc partners said wednesday that it was beginning a hostile bid for the gfi group, a new york brokerage and clearing firm, after it failed to strike a deal to acquire its rival following a counteroffer last month. Bgc, the secondlargest broker by market capitalization, planned to submit the proposal directly to gfis board, according to sources.
Bgc partners is a brokerage company that operates in the financial. Bgc partners was formed in 2004 when cantor fitzgerald spun out its voice brokerage business. Cme group matches bgc partners boosted bid for gfi. Exchange and the new york mercantile exchange, would keep gfis software businesses. Shareholders of the former gfi group inc may pursue a lawsuit accusing two top executives of fraudulently causing them to sell their stock prematurely as part of a plan to take the firms main. This estimate is based upon 4 bgc partners broker salary reports provided by employees or estimated based upon statistical methods. The spinoff is intended to qualify as generally tax free to bgc stockholders for u. All content is posted anonymously by employees working at bgc partners. Sep 10, 2014 stock strategist bgc partners tops cme group in bid for gfi group bgc partners announced a tender offer for gfi group shares at 15% above the cme group equity offer announced in late july. Bgc had acted after becoming frustrated with delays to the deal it was attempting to negotiate with gfi. In june 2009 bgc partners completed its acquisition of liquidez, a leading. Bgc raises bid for gfi group to counter cme offer marketwatch. In 2015 gfi and cme terminated their merger and bgc obtained control over gfi. Cme bids for gfi group to boost futures presence abroad.
Feb 02, 2015 howard lutnick, chief executive officer of cantor fitzgerald lp and bgc partners inc. Financial services united kingdom, canary wharf, london. Bgcp, a global brokerage company servicing the financial and real estate markets, on tuesday announced the completion of its merger with gfi group inc. Bgc partners announced a tender offer for gfi group shares at 15% above the cme group equity offer announced in late july. Bgcp and its affiliates bgc group entities, a leading global brokerage group of companies servicing the financial markets through many brands including, but not limited to. Gfi shareholders reject cme merger, clearing way for hostile bid. Bgc partners boosts gfi group bid once more nasdaq. Feb 21, 2015 the board of the gfi group, the new york brokerage and clearing house, threw its support on friday behind a takeover bid by bgc partners after shareholders rejected a tieup with the cme group. The announcement came a week after gfi s directors agreed to unanimously support bgc.
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