WASHINGTON (dpa-AFX) - Futures exchange operator CME Group Inc (CME) and GFI Group Inc (GFIG) on Friday announced that they have each determined to terminate their previously announced merger agreement following today's special meeting of GFI shareholders.
Preliminary results from the GFI shareholder meeting held earlier today in New York indicate that GFI shareholders did not approve the proposed merger. As a result, the parties each determined that terminating the merger agreement and related transactions was in the best interest of their respective companies and shareholders at this time.
The related merger agreement by and among CME and Jersey Partners Inc and their affiliates and purchase agreement by and among GFI Brokers Holdco Ltd, CME, Jersey Partners Inc and their affiliates, were also terminated.
New York-based BGC Partners Inc (BGCP) and Chicago, Illinois-based CME Group have been engaged in a bidding war for GFI Group since September 2014. On January 20, CME Group again sweetened its bid for GFI Group, increasing its offer to $5.85 per share from $5.60 per share, payable in a mix of shares of CME Group Class A common stock and cash. BGC Partners shot back with a superior $6.10 per share offer for GFI Group.
On Thursday, BGC Partners re-affirmed its commitment to the all-cash tender offer to acquire all of the outstanding shares of GFI Group for $6.10 a share. As previously announced, BGC's tender offer is scheduled to expire on February 3, unless extended.
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