BGC Partners Completes Tender Offer For GFI Shares - Quick Facts

(RTTNews) - BGC Partners, Inc. (BGCP), a global brokerage company servicing the financial and real estate markets, and GFI Group Inc. (GFIG), an intermediary and provider of trading technologies and support services to the global OTC and listed markets, announced the completion of BGC's tender offer for GFI shares.

As of the expiration of the tender offer at 5:00 PM on February 26, 2015, around 54.6 million shares were tendered pursuant to the offer. The 54.6 million tendered shares, along with the 17.1 million shares of GFI common stock already owned by BGC, represent about 56.3% of GFI's outstanding shares. BGC has accepted the shares and plans to issue payment for the shares tendered on March 3, 2015. Further, GFI employees holding RSUs would receive $6.10 per RSU in cash, based on their pre-existing vesting schedules. All outstanding conditions of the tender offer have been met.

GFI would be a controlled company and operate as an unit of BGC, reporting to Shaun Lynn, President of BGC, and its financial results would be consolidated as part of BGC. Going ahead, BGC and GFI are likely to remain separately branded divisions. GFI's current Executive Chairman, Michael Gooch, and its current Chief Executive, Colin Heffron, would remain as Executives and Directors of GFI Group and shall continue as Chairman and CEO, respectively, of the GFI Division. Also, Gooch shall hold the title of Vice Chairman of BGC Partners, L.P.

Cantor Fitzgerald & Co. was BGC's financial advisor and dealer manager for the tender offer, while Wachtell, Lipton, Rosen & Katz was BGC's legal advisor.