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    1. Bidding War Continues Between BGC Partners and CME-GFI Management Consortium

      Commentary

      Tue, 20 Jan 2015

      BGC Partners wins the bidding war for GFI Group , BGC's shareholders are likely to be in for choppy ride regardless of whether GFI Group ends up working out well. BGC Partners ..... tender offer to $6.10 per share. If GFI Group executes an agreement today with BGC

    2. The Seller of GFI Group Is Likely the Real Winner

      Commentary

      Tue, 20 Jan 2015

      While the CME Group- GFI Group management consortium or BGC Partners ..... able to extract value from acquiring GFI Group , we believe that whoever is the seller ..... adjusted return prospects. CME and the GFI Group management consortium increased their

    3. Highest GFI Group Bidder may Claim a Pyrrhic Victory

      Commentary

      Thu, 15 Jan 2015

      Partners’ topping a CME Group offer for GFI Group that was announced earlier today leaves ..... instead of realism, may be reflected in GFI Group ’s acquisition price. BGC delivered ..... contingent tender offer agreement to GFI Group of $5.85 per share and updated its tender

    4. CME's Raised Bid for GFI Group Is Justifiable

      Commentary

      Thu, 15 Jan 2015

      We see CME Group's raised bid for GFI Group as reasonable, and we wouldn't view ..... walking away as negative. CME Group and GFI Group 's management team have increased their acquisition price for GFI Group to $5.60 per share from $5.25

    5. BGC May Pay Up for GFI Group and Is Paying Up for a Legal Settlement

      Commentary

      Tue, 13 Jan 2015

      estimate for the company. BGC Partners sent a letter to GFI Group saying that it will increase its tender offer price for GFI Group shares to $5.60 from $5.45, primarily contingent on GFI Group ’s board changing its acquisition recommendation

    6. BGC Partners Extends Tender Offer for GFI Group Despite Higher Risk

      Commentary

      Wed, 7 Jan 2015

      the deadline of its tender offer for GFI Group shares to Jan. 27, despite a Financial ..... the proposed CME Group acquisition of GFI Group for $5.25 that is composed of CME ..... Partners' and CME Group's offers give GFI Group shareholders a better risk-adjusted

    7. GFI employees seek to leave if BGC bid succeeds -FT

      Headlines

      Sun, 4 Jan 2015

      NEW YORK, Jan 4 (Reuters) - More than 100 employees at the U.S. interdealer broker GFI Group have asked the company to alter their contracts to allow them to leave if a hostile takeover bid by a...

    8. 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.

    9. 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 ..... cash offer. We continue to believe that GFI Group shareholders accepting either of these

    10. 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

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