FXCM Drops Offer to Buy GAIN Capital - Cites GAIN's Forthcoming GFT Purchase As Reason
by
Andrew Saks McLeod
Following a relatively short courtship between FXCM and GAIN Capital's senior management, in which FXCM made an unsolicited bid to acquire GAIN Capital during the early stages of this month, the talks have resulted in a complete withdrawal by FXCM as a result of GAIN Capital's proposals to purchase GFT.
The proposed merger between FXCM and GAIN Capital garnered interest both in North America and overseas as such an Acquisition would have resulted in the new entity becoming the world's largest Forex brokerage.
One of the tenets of the merger was that FXCM had planned to migrate Forex.com customers to its platforms. Responding to questions during a conference call with Forex Magnates on whether the company will be able to retain customers despite the migration, FXCM CEO Drew Niv answered that the company expected clients to stay with them, and have had success in this regard in previous mergers.
As GAIN Capital commenced the early stages of discussions relating to its acqusition of GFT, FXCM cited this as the reason for not proceeding further, providing GAIN Capital with a satisfactory outcome.
"The cash consumed in the acquisition of GFT fundamentally impacts the balance sheet and capital synergies that were an important driver behind our proposal," said Drew Niv, Chief Executive of FXCM.
GAIN Capital considered FXCM's proposal a hostile bid, and therefore swiftly took action by formally rejecting FXCM’s unsolicited offer and announcing an intention to acquire rival broker GFT. GAIN Capital has recently had close ties with GFT as it acquired the firm’s US customer base when they exited the country last year. This development yesterday made the potential acquisition irrevocably unattractive for FXCM.
GAIN Capital's purchase of GFT is of significant importance to the company, and a conference call was held yesterday during which GAIN Capital's CEO Glenn Stevens and GFT's CEO Gary Tilkin provided Forex Magnates with a detailed analysis of the proposed merger.
Following a relatively short courtship between FXCM and GAIN Capital's senior management, in which FXCM made an unsolicited bid to acquire GAIN Capital during the early stages of this month, the talks have resulted in a complete withdrawal by FXCM as a result of GAIN Capital's proposals to purchase GFT.
The proposed merger between FXCM and GAIN Capital garnered interest both in North America and overseas as such an Acquisition would have resulted in the new entity becoming the world's largest Forex brokerage.
One of the tenets of the merger was that FXCM had planned to migrate Forex.com customers to its platforms. Responding to questions during a conference call with Forex Magnates on whether the company will be able to retain customers despite the migration, FXCM CEO Drew Niv answered that the company expected clients to stay with them, and have had success in this regard in previous mergers.
As GAIN Capital commenced the early stages of discussions relating to its acqusition of GFT, FXCM cited this as the reason for not proceeding further, providing GAIN Capital with a satisfactory outcome.
"The cash consumed in the acquisition of GFT fundamentally impacts the balance sheet and capital synergies that were an important driver behind our proposal," said Drew Niv, Chief Executive of FXCM.
GAIN Capital considered FXCM's proposal a hostile bid, and therefore swiftly took action by formally rejecting FXCM’s unsolicited offer and announcing an intention to acquire rival broker GFT. GAIN Capital has recently had close ties with GFT as it acquired the firm’s US customer base when they exited the country last year. This development yesterday made the potential acquisition irrevocably unattractive for FXCM.
GAIN Capital's purchase of GFT is of significant importance to the company, and a conference call was held yesterday during which GAIN Capital's CEO Glenn Stevens and GFT's CEO Gary Tilkin provided Forex Magnates with a detailed analysis of the proposed merger.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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