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    1. BGC's Increased Tender Offer Price for GFI Decreases Any Cushion for Error

      Commentary

      Fri, 19 Dec 2014

      BGC Partners has increased its tender offer for GFI Group shares to $5.45 from $5.25. We believe the increased bid decreases ..... We are maintaining our no-moat ratings and fair value estimates for GFI Group and BGC Partners.

    2. Despite Extension, BGC’s Current Offer for GFI Group Appears Less Likely to Close Than Before

      Commentary

      Tue, 9 Dec 2014

      Partners extended its tender offer for GFI Group shares, but it appears less likely than before that GFI Group shareholders are up for the offer. The ..... all-cash offer. We continue to believe that GFI Group shareholders accepting either of these

    3. GFI Group ’s Management Primarily Bears the Risk from an Increased CME Offer

      Commentary

      Wed, 3 Dec 2014

      In regards to GFI Group and CME Group’s revised acquisition offer ..... taking on more risk to get the deal done is GFI Group ’s management. CME Group has increased its offer price for GFI Group shares to a combination of $5.25 worth

    4. CME raises GFI offer to match BGC's hostile bid

      Headlines

      Tue, 2 Dec 2014

      Dec 2 (Reuters) - Futures market operator CME Group Inc raised its agreed-upon offer for derivatives broker GFI Group Inc to $5.25 per share from $4.55, matching inter-dealer broker BGC Partners...

    5. ARA Acquisition Is Both a Continuation and Departure From BGC's Recent Strategy

      Commentary

      Tue, 2 Dec 2014

      to financial securities brokerage through the acquisition of GFI Group remains in the works. BGC announced that it has agreed to ..... real estate brokerage business is less risky than acquiring GFI Group , which is a sizable bet on a financial securities trading

    6. BGC Partners’ Offer for GFI Group Is Still Alive

      Commentary

      Thu, 20 Nov 2014

      tender offer is still on the table for GFI Group shareholders, so there’s still a ..... estimate or moat ratings for BGC Partners, GFI Group , or CME Group at this time. Additional ..... over 13%, would have had 31.7% of GFI Group ’s outstanding shares if it had accepted

    7. GFI Board's Lack of Support for BGC Tender Offer Validates CME's Wait-and-See Approach

      Commentary

      Tue, 4 Nov 2014

      We believe CME Group's lack of a response to BGC Partners' tender offer for GFI Group has been partially validated. GFI's board of directors announced that it unanimously determined to reject BGC's $5.25 per

    8. For BGC Partners, Acquired Revenue Growth Is Fine, but Earnings per Share Growth Would Be Better

      Commentary

      Thu, 30 Oct 2014

      is being created for stockholders. Revenue growth for 2015 should look great with Cornish & Carey adding around 6%, and a GFI Group merger could increase revenue nearly 40%. That said, BGC Partners needs to translate its revenue growth into earnings per

    9. Rising Volume Will Help CME Group in 2014's Final Stretch

      Commentary

      Thu, 30 Oct 2014

      relative to this year's results. Although we believe CME has the ability to sweeten its $4.55-per-share offer for GFI Group , we don’t think the company is likely to overstretch itself to beat BGC Partners' rival $5.25-per-share offer

    10. GFI Group ’s Sequentially Flat Results Are Reassuring

      Commentary

      Tue, 28 Oct 2014

      While GFI Group has an acquisition and a tender offer on ..... maintaining our fair value estimate for no-moat GFI Group , which assumes that it is acquired by either BGC Partners or CME Group. GFI Group ’s flat results are actually a positive

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