BGC To Seek Deal For GFI

Sep 9 2014 | 6:37am ET

Broker BGC Partners is planning a bid for rival GFI Group, seeking to snatch the firm up from under CME Group, which agreed to buy it in July.

BGC, the former brokerage arm of Cantor Fitzgerald, was to make the unsolicited $675 million offer yesterday. If the all-cash bid is rejected, the firm would then make a hostile tender offer.

CME agreed to pay $580 million for GFI, which has posted losses in each of the last three years.

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