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BGC's Lutnick Ups Ante in GFI Group Takeover Battle

National Economy
BGC's Lutnick Ups Ante in GFI Group Takeover Battle

BGC Partners CEO Howard Lutnick has announced that he'll give brokers at GFI Group cash for their restricted stock in a move to triumph over CME Group in a takeover bid. BGC also extended the deadline for its all-cash, $5.45 per share offer to January 27.

Lutnick said in a statement that "BGC's...offer is superior to the stock and cash proposal from GFI's management and CME...We are taking the further step of soliciting proxies against the inferior CME transaction because we believe the failure of GFI's board to take immediate action in recommending our offer represents a blatant disregard for the interests of all GFI shareholders."

CME matched BGC's initial $5.25 a share offer on December 2 in what has been dubbed the "Alphabet Battle" for GFI, a New York-based financial services company. BGC's offer was originally set to expire yesterday.