BGC clinches GFI deal as hostile bid draws to a close

Battle between CME and BGC ends after GFI board agrees to deal

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BGC Partners's hostile takeover bid for its rival broker has ended in success after GFI Group's board agreed to support a $6.10 per share tender offer, weeks after shareholders rejected the initially proposed tie-up with CME Group.

The deal values GFI at $778 million and so far some 48% of outstanding stock has been tendered to BGC at the $6.10 price, exceeding the 45% requirement limit. The tender deadline has been extended to February 26, to allow shareholders to exchange their stock for cash

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