BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "the Company," or "BGC"), a leading global brokerage company primarily servicing the financial and real estate markets, today announced that Glass, Lewis & Co., LLC ("Glass Lewis"), a leading independent proxy advisory service, has recommended that shareholders of GFI Group Inc. (NYSE: GFIG) ("GFI Group" or "GFI") vote AGAINST the merger agreement with CME Group Inc. (NASDAQ: CME) ("CME") at the special meeting of GFI shareholders scheduled for January 27, 2015.
Howard Lutnick, Chairman and Chief Executive Officer of BGC, said: "We are pleased that, after thorough and independent analysis, Glass Lewis recognizes the 'flawed and conflicted' nature of the proposed CME-GFI management $5.85 stock and cash transaction.
"We continue to be fully committed to completing our tender offer and urge shareholders to protect the value of their investment in GFI by voting against all of the proposals related to the CME transaction at the special meeting of GFI shareholders. We also remind GFI shareholders to tender their shares into our clearly superior offer in order to receive the higher value to which they are entitled."
In its analysis, Glass Lewis noted the following regarding the proposed CME transaction: "...In hindsight, it seems readily apparent the GFI board's flawed and conflicted process failed to extract any significant semblance of maximum value or a favorable price, and further failed to fully incorporate those bidders willing to offer decidedly greater value to GFI investors..."
Additionally Glass Lewis observed: "...We believe the sum of these factors overwhelmingly suggest investors should have little -- if, truly, any -- confidence the present arrangement represents, within reasonable doubt, the most attractive value available to GFI and its shareholders..."
As previously announced, BGC has also filed a proxy statement with a GOLD proxy card with the SEC in order to solicit votes against the inferior CME transaction at the January 27, 2015 GFI special meeting. GFI shareholders can vote against this transaction by returning the GOLD proxy card from BGC or by voting "against" using the materials provided by GFI.
Stockholders with questions about how to vote or tender their shares may call Innisfree M&A Incorporated, BGC's proxy solicitor and Information Agent, 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.