Bloomberg News reports that BGC Partners, the New York brokerage run by Howard Lutnick, started a $675 million hostile bid for GFI Group Inc. in an attempt to derail a competing offer from CME Group Inc.
BGC, which already owns 13.5% of GFI, is offering $5.25 a share in cash, the company said in a statement Wednesday. That’s 15% more than CME Group’s all-stock bid of $4.55, BGC said.
CME, owner of the world’s biggest futures market, said in July it would buy GFI for $580 million to expand its reach into European energy trading.
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