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Getco Offers to Buy Knight
[ by Melanie Gretchen ]
Getco, which owns 24% of Knight, after the high-frequency trading firm helped rescue Knight from bankruptcy 3 months ago, offered to buy the Knight Capital Group for $635 million, including cash and stock, or about $3.50 a share. The offer was outlined in a letter to Knight's board on Wednesday. To this end, Getco has lined up $950 million in financing from "a large financial institution."
If accepted, Getco's CEO, Daniel Coleman, would continue in his current role in the combined company, while Knight's chairman and CEO, Tom Joyce, would become nonexecutive chairman. The other offer is expected from another trading firm, Virtu Financial, which like, Getco, is interested in Knight's market-making trading operations and may sell other parts of the company.
For further details, go to [Dealbook, 11/28/12] and [CNBC, 11/28/12].
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