CHICAGO, Jan 30 (Reuters) - GFI Group Inc shareholders on Friday rejected a proposed takeover by CME Group Inc, forcing the companies to terminate a merger agreement, according to the companies.
CME Group, the world’s largest futures exchange operator, for months has been locked in a bidding war for derivatives broker GFI Group with inter-dealer broker BGC Partners Inc .
CME Group first agreed to acquire GFI Group last July for a total of around $820 million. In September, BGC Partners topped CME Group’s initial offer in a hostile bid.
CME Group had pursued GFI Group to acquire two GFI units that would allow it to expand its reach in the European energy and global foreign exchange markets.
GFI Group’s stock price has climbed 80 percent since the day before CME announced its takeover offer in July. CME Group shares have advanced about 15 percent over the same period, while BGC Partners’ shares are down slightly. (Reporting by Tom Polansek; Editing by Dan Grebler)