GFI Group (NYSE: GFIG), fresh off its recent majority transfer of shares to BGC Partners, has opted to voluntarily delist and deregister its common stock from the New York Stock Exchange (NYSE), according to a GFI statement.
Late last month, an ongoing deal finally reached completion between inter-dealer broker BGC Partners Inc. (NASDAQ: BGCP) and GFI Group, having closed a tender offer for 56.3% of GFI’s shares by BGC for $6.10 per share.
Moreover, last week saw the takeover of GFI Group’s subsidiary, Kyte Group Ltd, by R.J. O’Brien Europe Limited (RJO Europe), an affiliate of R.J. O’Brien & Associates (RJO), the largest independent futures brokerage and clearing firm in the US.
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At present, roughly 56.3% of the outstanding shares of GFI Group’s common stock are held by BGC Partners, Inc. or its affiliates, with approximately 38% of the outstanding shares held by Jersey Partners Inc. – additionally, select members of GFI Group’s management team and their respective affiliates hold stakes as well.
Given compliance-related costs as well as time constraints by existing management, the group did not wish to sustain the stock as a tradable entity. Overall, 94.3% of shares are owned by either BGC Partners or Jersey Partners.
However, GFI Group intends to make voluntary SEC filings with respect to its 8.375% Senior Notes due July 2018, in compliance with its regulatory obligations under the related indenture.