Howard Lutnick’s BGC Partners Inc. won an agreement to acquire interdealer broker GFI Group Inc., capping a six-month campaign against a rival bidder and GFI’s founder.
GFI’s board of directors agreed to support BGC’s tender offer for all of its outstanding stock at $6.10 a share in cash, the company said in a statement on Friday. Based on 127.5 million shares outstanding, the transaction would value GFI at about $778 million, according to Bloomberg calculations. The shares last traded on Thursday at $6.05 a share.
