Virtu Financial Inc. offered to buy KCG Holdings Inc. for as much as $1.3 billion, amid signs the high-speed trading industry is finding it harder to make money.
Virtu’s board is working with advisers to review the $18.50 to $20 a share cash proposal, KCG said Wednesday. KCG is a major player in arenas that Virtu hasn’t entered, including executing individual investors’ stock trades for brokerages such as E*Trade Financial Corp. and TD Ameritrade Holding Corp.
