Virtu Financial Makes Unsolicited Bid to Buy KCG Holdings

[kreslik.news]

KCG Holdings, Inc. (NYSE: KCG), a global financial services firm engaging in market making and high-frequency trading, today announced that its board of directors has received an unsolicited proposal from rival Virtu Financial to acquire all of its outstanding shares. Shares of KCG rose more than 20 percent on the news while Virtu shares declined nearly one percent after hours.

The merger agreement provides for an undisclosed ‘go-shop’ period, during which KCG’s board of directors, together with its financial advisors, will be reviewing the proposal. The board may also solicit alternative proposals from third parties to acquire the company.

KCG offers trading services ... (read more)