Seeking Alpha
 

BGC Partners, Inc. (BGCP)

- NASDAQ
  • Fri, Feb. 27, 8:07 AM
    • As of the end of business yesterday, about 54.6M shares had been tendered. Together with the 17.1M shares already owned by BGC Partners (NASDAQ:BGCP), it represents about 56.3% of all GFIG shares.
    • BGC expects to issue $6.10 per share payment on March 3.
    • 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 their roles.
    • Source: Press Release
    | 12 Comments
  • Fri, Feb. 20, 4:23 AM
    • Ending a monthslong hostile takeover battle, BGC Partners (NASDAQ:BGCP) has agreed to pay about $778M for rival brokerage GFI Group (NYSE:GFIG), WSJ reports.
    • BGC will pay $6.10 a share for GFI and will gain control of GFI’s board, taking six out of eight board seats and satisfying a condition GFI’s board had earlier rejected.
    • BGCP +0.4% premarket
    • Previously: BGC Partners expects to reach deal with GFI Group (Feb. 19 2015)
    | 9 Comments
  • Thu, Feb. 19, 2:40 PM
    • The GFI Group (GFIG +1.2%) saga is nearly complete as BGC Partners (BGCP -0.1%) announces a deal between the two managements is near which would satisfy all of BGC's $6.10 per share tender offer.
    • BGC chief Howard Lutnick: "We continue to urge GFI stockholders to tender their shares by today's deadline to ensure that they receive the value to which they are entitled."
    • Source: Press Release
    | Comment!
  • Wed, Feb. 18, 7:28 AM
    • BGC Partners (NASDAQ:BGCP) $6.10 per share in cash tender offer for GFI Group (NYSE:GFIG) expires at the close of business tomorrow, and so far 43.3% of GFI shares have tendered (including those owned by BGC) - just shy of the 45% threshold.
    • The level was 43.3% at last check on February 4, suggesting about all of those who plan to tender may have done so (GFI management holds a major block of the stock).
    • Source: Press Release
    | 4 Comments
  • Wed, Feb. 4, 7:31 AM
    • The $6.10 per share in cash offer for GFIG was set to expire at the close of business today, but BGC Partners (NASDAQ:BGCP) extends until Feb. 19.
    • BGC chief Howard Lutnick says between 17.1M shares owned by his company and 37.9M tendered so far, owners representing 43.3% (70% if excluding those shares owned by GFI execs or directors) of GFI Group support the deal.
    • Source: Press Release
    • GFI closed yesterday at $5.85.
    | 4 Comments
  • Mon, Feb. 2, 7:42 AM
    • "We remain fully committed to completing our all-cash tender offer of $6.10 per share, which remains open to GFI Group (NYSE:GFIG) shareholders," says BGC Partners (NASDAQ:BGCP) CEO Howard Lutnick, following the rejection of the CME/GFI management bid last week. "Our tender offer is the only viable option for GFI stockholders seeking to maximize the value for their shares."
    • BGC's $6.10 per share cash tender offer is scheduled, for now, to expire at the close of business tomorrow.
    • GFIG last traded at $5.61.
    • For its part, the GFI board announces its intention to explore strategic alternatives.
    • Previously: Shareholders reportedly reject CME/GFI bid for company (Jan. 30)
    | 17 Comments
  • Fri, Jan. 30, 3:37 PM
    • The joint CME Group/GFI Group (NYSE:GFIG) management bid of $5.85 per share in cash and stock has lost a in a shareholder vote, reports Bloomberg, paving the way for BGC Partners' (BGCP -2.6%) $6.10 all-cash offer.
    • GFI management had warned shareholders there was nothing stopping BGC Partners from pulling its offer, and - for now - the stock price is behaving as if this could be so. GFIG is lower by 1.1% to $5.62 per share.
    • Previously: GFI Group's Gooch makes another plea (Jan. 29)
    | 5 Comments
  • Thu, Jan. 29, 2:59 PM
    | 5 Comments
  • Thu, Jan. 29, 7:55 AM
    | 2 Comments
  • Wed, Jan. 28, 6:54 AM
    • It's BGC Partners' (NASDAQ:BGCP) serve and the company doesn't disappoint, responding to Michael Gooch's open letter to shareholders with one of its own.
    • "In a final desperate attempt to protect their conflicted and self-interested transaction, GFI (NYSE:GFIG) management is asking you to accept $5.85 per share in cash and stock, which is $0.25 less than BGC's $6.10 all-cash offer."
    • "Time is short," says BGC chief Howard Lutnick, urging GFI shareholders to vote against the merger with CME Group. The special meeting - originally set for yesterday - is due to take place on Friday.
    • Source: Press Release
    • Previously: Head of GFI Group writes open letter urging acceptance of CME bid (Jan. 27)
    | 11 Comments
  • Tue, Jan. 27, 1:23 PM
    • Writing in his capacity as the controlling stockholder of Jersey Partners, a 36%+ owner of GFI Group (GFIG -2.6%), GFI Group founder and Executive Chairman Michael Gooch tells fellow owners they can opt for a "bird in the hand" - the CME/GFI offer - or hold out for "BGC in the bush."
    • Full letter is here
    • He notes the GFI management group will only be paid $4.44 for each of their shares sold through Jersey Partners (the CME/GFI offer is for $5.85 in stock and cash).
    • BGC Partners' (BGCP -0.7%) $6.10 per share cash offer "remains highly conditional," says Gooch, and - even if BGC reaches the 45% tender threshold - there's no guarantee GFI owners will get $6.10 for their shares.
    | 11 Comments
  • Thu, Jan. 22, 3:14 PM
    • Glass Lewis joins ISS in recommending GFI Group (GFIG +1.8%) owners vote against the proposed buyout by CME Group (CME +3.6%) and GFI management.
    • "It seems readily apparent the GFI board's flawed and conflicted process failed to extract any significant semblance of maximum value or a favorable price, and further failed to fully incorporate those bidders willing to offer decidedly greater value to GFI investors."
    • BGC Partners' (BGCP +3.1%) cash offer remains at $6.10 per share vs. CME/GFI's price of $5.85 in stock and cash.
    • Source: Press Release
    • Previously: ISS recommends vote against CME/GFI Group merger (Jan. 21)
    | 4 Comments
  • Wed, Jan. 21, 10:50 AM
    • Proxy advisory firm Institutional Shareholder Services recommends GFI Group (GFIG +1.8%) shareholders vote against the "economically inferior" offer by CME Group and GFI management of $5.85 in cash and stock. BGC Partners (BGCP +1%) has an offer on the table for $6.10 in cash.
    • More from ISS: "It is not at all clear that unaffiliated shareholders incur any greater downside risk in holding out for the economically superior offer from this ongoing bidding war." If owners vote against the CME deal and nothing improves, says ISS, they can always tender their shares to BGC for $6.10.
    • The special meeting is set for Jan. 27.
    • Source: Press Release
    • Previously: BGC Partners boosts GFI Group bid once more (Jan. 20)
    | 9 Comments
  • Tue, Jan. 20, 12:14 PM
    • BGC Partners (BGCP -2.4%) lifts its price for GFI Group (GFIG +5.7%) to $6.10 per share in cash, and extends the expiration date to February 3.
    • The price is about 4% higher than the latest cash and stock deal offered by CME Group and GFI management.
    • Should GFI accept the deal by midnight tonight, BGC will add another $0.10 per share to its offer.
    • Source: Press Release
    • GFI is currently trading at $5.91.
    | Comment!
  • Tue, Jan. 20, 8:45 AM
    • Responding to BGC Partners' (NASDAQ:BGCP) increase last Thursday, CME Group matches at least on price - $5.85 per share. BGC's bid remains all-cash, while CME's remains a mix of stock and cash.
    • Alongside, the GFI management group agrees to forego roughly $40M which would have been payable to it as part of the deal.
    • Source: Press Release
    • GFIG +3.6% premarket to $5.80.
    • Previously: Game on. BGC Partners boosts offer for GFI Group (Jan. 15)
    | 2 Comments
  • Thu, Jan. 15, 2:35 PM
    • BGC Partners' (BGCP -1.9%) new all-cash offer of $5.85 per share is contingent on GFI Group's (GFIG +2.8%) acceptance.
    • In addition, BGC makes a non-contingent increase in its all-cash tender offer to $5.75 per share and extends the date of the tender to the close of business on January 29. GFI owners are meeting on Jan. 27 to vote on CME Group's bid, which earlier today - with an assist from GFI Group management - was boosted to $5.60 in cash and stock.
    • As of the close yesterday, about 14M shares had been tendered pursuant to BGC Partners' offer. Combined with 17.1M shares of GFIG already owned by BGC, it represents abut 24.4% of GFIG's outstanding shares.
    • Source: Press Release
    • Previously: CME and GFI management team up to boost buyout price (Jan. 15)
    | 8 Comments
Visit Seeking Alpha's
BGCP vs. ETF Alternatives
Company Description
BGC Partners Inc is a brokerage company servicing the wholesale financial and real estate markets. Some of its products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives,and structured products.