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Derivatives marketplace CME Group and interdealer broker and financial technology provider GFI Group have received regulatory approval for CME Group’s previously announced acquisition of GFI Group, officials say.
The acquisition still needs to be approved by GFI’s stockholders before it can proceed, and GFI will hold a special meeting of its stockholders on January 27 to vote on the matter.
“With these regulatory approvals and the significant shareholder support through commitments from Jersey Partners Inc., GFI Group’s largest stockholder, we believe the planned merger of CME Group and GFI Group can deliver value with speed and certainty for all GFI Group shareholders,” says Michael Gooch, GFI Group’s executive chairman, in a written statement.
CME Group in early December raised its offer price for GFI, in response to a hostile bid by rival interdealer broker BGC Partners.
The CME Group acquisition is expected to close “shortly following” January 27 stockholder’s meeting, according to a GFI statement.
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