More GAIN Capital Directors Vote Against INTL FCStone Acquisition
- Directors Peter Quick and Chris Sugden, no longer support the merger with INTL FCStone Inc.
GAIN Capital Holdings, Inc. announced via a regulatory filing on Thursday that two members of its Board of Directors, Peter Quick and Chris Sugden, no longer support the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term with INTL FCStone Inc.
As Finance Magnates reported, in February, INTL FCStone Inc. announced that it had entered into a definitive agreement to acquire GAIN Capital Holdings, Inc. The deal as it stands will see INTL FCStone buy GAIN for $6 per share in an all-cash transaction. This represents approximately $236 million in equity value.
However, Quick and Sugden believe that in light of the performance of GAIN since the signing of the Merger Agreement, which puts the company’s value at $6 per share, is no longer reflective of the long term value of GAIN Capital.
Now, there are three Directors who are not in favour of the merger, with Quick and Sugden joining Alex Goor, who all voted against recommending that the stockholders adopt the Merger Agreement. Following the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, GAIN would become a wholly-owned subsidiary of INTL FCStone.
GAIN Capital reaffirms recommendation for merger
Nonetheless, they were outvoted, with the GAIN Board voting for the merger, five to three, on the 14th of May 2020. Therefore, the company has reaffirmed its recommendation that the stockholders adopt the Merger Agreement.
“The GAIN board considered a number of factors in determining to continue to recommend that the stockholders adopt the Merger Agreement including all the factors set forth in the section entitled ‘‘GAIN’s Reasons for the Merger’’ beginning on page 38 of the Definitive Proxy Statement, together with the additional factors set forth in the section entitled “Reasons for Recommendation Following Subsequent Developments” beginning on page 42 of the Definitive Proxy Statement,” the document filed through the Securities and Exchange Commission (SEC) said.
“The majority of the GAIN board determined that the positive factors set forth in the aforementioned sections outweighed the countervailing factors set forth in the same sections.”
GAIN Capital Holdings, Inc. announced via a regulatory filing on Thursday that two members of its Board of Directors, Peter Quick and Chris Sugden, no longer support the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term with INTL FCStone Inc.
As Finance Magnates reported, in February, INTL FCStone Inc. announced that it had entered into a definitive agreement to acquire GAIN Capital Holdings, Inc. The deal as it stands will see INTL FCStone buy GAIN for $6 per share in an all-cash transaction. This represents approximately $236 million in equity value.
However, Quick and Sugden believe that in light of the performance of GAIN since the signing of the Merger Agreement, which puts the company’s value at $6 per share, is no longer reflective of the long term value of GAIN Capital.
Now, there are three Directors who are not in favour of the merger, with Quick and Sugden joining Alex Goor, who all voted against recommending that the stockholders adopt the Merger Agreement. Following the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, GAIN would become a wholly-owned subsidiary of INTL FCStone.
GAIN Capital reaffirms recommendation for merger
Nonetheless, they were outvoted, with the GAIN Board voting for the merger, five to three, on the 14th of May 2020. Therefore, the company has reaffirmed its recommendation that the stockholders adopt the Merger Agreement.
“The GAIN board considered a number of factors in determining to continue to recommend that the stockholders adopt the Merger Agreement including all the factors set forth in the section entitled ‘‘GAIN’s Reasons for the Merger’’ beginning on page 38 of the Definitive Proxy Statement, together with the additional factors set forth in the section entitled “Reasons for Recommendation Following Subsequent Developments” beginning on page 42 of the Definitive Proxy Statement,” the document filed through the Securities and Exchange Commission (SEC) said.
“The majority of the GAIN board determined that the positive factors set forth in the aforementioned sections outweighed the countervailing factors set forth in the same sections.”