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Screenshot of a breaking news alert e-mail from Q2 2017
KCG Holdings, Inc. (NYSE: KCG), a leading independent securities firm offering investors a range of services designed to address trading needs across asset classes, product types and time zones, today confirmed that it has received an unsolicited proposal from Virtu Financial, Inc. (NASDAQ: VIRT) to acquire all the outstanding shares of KCG’s common stock for $18.50-$20.00 per share in cash.
The $18.50-$20.00 price range translates into a total price tag of $1.2-$1.3 billion for KCG.
KCG’s shares had risen 23% in Wednesday trading when rumors of the deal spread. At $16.90 per share, KCG shares are still well below the proposed $18.50-$20.00 acquisition range. KCG shares were trading in the $13-14 range earlier in the week.
KCG stated that its Board of Directors is reviewing, in consultation with its financial and legal advisors, Virtu’s proposal in the context of KCG’s strategic plans to create shareholder value.
KCG is a leading independent securities firm offering investors a range of services designed to address trading needs across asset classes, product types and time zones. The firm combines advanced technology with specialized client service across market making, agency execution and venues and also engages in principal trading via exchange-based market making. KCG has multiple access points to trade global equities, fixed income, options, currencies and commodities via voice or automated execution.