GFI Group Shares Quiet After CME Raises Bid

Shares of GFI Group Inc GFIG were quiet in Wednesday's pre-market despite CME Group Inc CME raising its offer for the company.

CME Group raised its bid from $4.55 to $5.25 per share for the derivatives broker.  CME's new bid matched the hostile bid made by BGC Partners Inc BGCP in October.

“Chicago-based CME plans to spin off GFI's wholesale brokerage business to a private consortium controlled by GFI management for $254 million, up from $165 million in its previous offer, and the assumption of about $72 million of unvested deferred compensation and other liabilities,” according to a Reuters report.

The report noted that “CME will retain GFI units, Trayport, a trading software provider in the European energy markets, and FENICS, a provider of analytics and risk management services for over-the-counter forex options markets.”

GFI Group Inc closed at $5.03 Tuesday, up 0.60 percent.