There is a positive development on the news LeapRate reported a week ago about BGC Partners, Inc. (NASDAQ:BGCP), a global brokerage company servicing the financial and real estate markets, and GFI Group Inc. (NYSE:GFIG) agreeing on a tender offer of $6.10 per share.
The companies announced today that the tender offer had been completed successfully.
As of the expiration of the tender offer at 5:00 PM on February 26, 2015, approximately 54.6 million shares were tendered pursuant to the offer. These shares, along with the 17.1 million shares of GFI common stock that BGC already owns, account for roughly 56.3% of GFI’s outstanding shares. BGC has accepted the shares and is set to issue payment for the shares tendered on March 3, 2015.GFI employees holding RSUs will receive $6.10 per RSU in cash, based on their pre-existing vesting schedules.
Another important piece of information that concerns the future management of GFI was revealed today – the names of the six directors appointed by BGC to GFI’s Board of Directors. These are:
- Howard Lutnick, Chairman and Chief Executive Officer of BGC;
- Shaun Lynn, President of BGC;
- Stephen Merkel, Executive Vice President, General Counsel and Secretary of BGC;
- William J. Moran, Former Executive Vice President, JPMorgan Chase & Co.;
- Peter J. Powers, President and Chief Executive Officer, Powers Global Strategies LLC; and
- Michael Snow, Managing Member and Chief Investment Officer of Snow Fund One, LLC.
Marisa Cassoni, Frank Fanzilli Jr. and Richard Magee have resigned from the GFI Board.
According to the agreement, achieved by the companies, GFI will be a controlled company and operate as a division of BGC. In the future, BGC and GFI are poised to stay separately branded divisions.
To view the official announcement, click here.