|By PR Newswire||
|July 30, 2014 12:44 PM EDT||
NEW YORK, July 30, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of GFI Group Inc. (NYSE: GFIG) on behalf of its shareholders. On July 30, 2014, CME Group Inc. and GFI announced that they had entered into an agreement under which CME will acquire all of the shares of GFI for $4.55 per share, payable in CME common stock.
Immediately following CME's acquisition of GFI, a private consortium of GFI management, led by current Executive Chairman Michael Gooch, CEO Colin Heffron and Managing Director Nick Brown, will acquire GFI's wholesale brokerage and clearing businesses, including the Kyte Group, back from CME for $165 million in cash and the assumption, at closing, of approximately $63 million of unvested deferred compensation and other liabilities.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors and senior management of GFI for not acting in GFI shareholders' best interests in connection with the sale process of GFI. The investigation seeks to determine if there was an adequate auction process and if CME is underpaying for GFI shares. Indeed, analysts have projected that the true going forward inherent value of GFI is worth at least $5 per share. In addition, the investigation seeks to determine if there were any conflicts of interest on the part of the senior management of GFI in negotiating the deal on behalf of shareholders.
If you are a shareholder of GFI and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC represents individual and institutional investors in shareholder actions and, along with its affiliates, has recovered billions of dollars for shareholders in securities actions. Tripp Levy PLLC has become affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC
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