BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," or "BGC"), a leading global brokerage company primarily servicing the financial and real estate markets, today announced that it has extended the expiration date of its tender offer to acquire all of the outstanding shares of GFI Group Inc. (NYSE: GFIG) ("GFI Group" or "GFI") it does not currently own for $5.25 per share in cash.
The tender offer is now scheduled to expire at 5:00 pm New York City time on January 6, 2015, unless extended. The tender offer was previously scheduled to expire at 5:00 pm New York City Time, on December 9, 2014.
The Company also announced that it has currently satisfied the regulatory closing condition under the tender offer. As previously disclosed, BGC received approval from the FCA in the UK to acquire control of GFI and also received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act, among other approvals.
Howard Lutnick, Chairman and Chief Executive Officer of BGC, commented, "We remain confident in the strategic merits of the transaction and we are continuing to evaluate our options. Our $5.25 per share all-cash offer remains superior to the CME's stock and cash proposal, and by being in a position to close without any regulatory impediment, we are able to provide GFI shareholders with the immediate liquidity to which they are entitled. We urge shareholders to tender their shares."
The full terms and conditions of the tender offer are set forth in the offering documents that BGC filed with the Securities and Exchange Commission ("SEC") on October 22, 2014, and as have been and may be amended from time to time.
As of the close of business on December 8, 2014, approximately 12.4 million shares were tendered pursuant to the offer.
Innisfree M&A Incorporated is the Information Agent for the tender offer and any questions or requests for the Offer to Purchase and related materials with respect to the tender offer may be directed to them, toll-free at (888) 750-5884.
BGC's financial advisor and dealer manager for the tender offer is Cantor Fitzgerald & Co. and its legal advisor is Wachtell, Lipton, Rosen & Katz.