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Virtu Financial Offers to Buy KCG Holdings
Virtu Financial extended an offer to acquire rival KCG Holdings . Virtu proposed an $18 price, which would place a $1.2 billion value on KCG.
Virtu Financial is a global leader in electronic market making. According to its web site, the firm actively make markets across a broad range of asset classes including equities, foreign exchange, commodities, options and fixed income, providing two-sided liquidity on over two hundred market centers around the world.
KCG Holdings is a global financial services firm engaged in market making, high-frequency trading, electronic execution, and institutional sales and trading. The company was formed 7/1/13 following the merger of Knight Capital Group with GETCO Holding Company.
At the time the offer was announced, KCG shares were trading at $13.93. The share price immediately rose to $16.81, headed slightly higher in after-the-close trading.