Knight Capital

Knight Capital Bidding War to Formally Begin Any Moment: Report

Knight Capital Bidding War to Formally Begin Any Moment: Report

Knight Capital Group’s board  and bankers are meeting this afternoon to discuss bids from Getco and Virtu Financial, and that there could be an “announcement sometime after the market close today or tomorrow, according to FOX Business Network (FBN) Senior Correspondent Charlie Gasparino.” Gasparino goes on to report that officials from Getco and Virtu are “prepared to sweeten their offers if need be” for the firm.

Further details from Gasparino below:

On board members and bankers meeting today:

“What we know now is that bankers and the board of Knight Capital Group Inc. (NYSE:KCG) are meeting from what I understand right now.  Now that may have just ended seconds ago, but they were meeting to discuss both the bids from Virtu and Knight and from Getco. Here’s what’s really interesting – what I hear  from people close to both firms Virtu and Getco is that officials there are prepared to sweeten their offers if need be.”

On whether we will find out more clarity after the market closes today or tomorrow on the bidding war for Knight Capital Group Inc. (NYSE:KCG):

“Both Virtu and Getco expect to receive some answer – now not necessarily ‘your chosen,’ ‘your chosen’ but some answer about the bid maybe the process going forward, the due diligence process going forward. They’re expected to get that after the board finishes talking to bankers today, so their waiting on that. Now here is the other thing we also hear, there could also be some announcement after the market closes today or tomorrow, so the process has been expedited. So we’re going to get some clarity, I believe, into exactly what’s going on either after the market close today. If not today, we’re going to get something tomorrow.”


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