SAN DIEGO, Sept. 3, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of GFI Group Inc. (GFIG), filed a lawsuit in effort to stop the proposed takeover of GFI Group Inc. by CME Group for $4.55 per share.
Investors, who purchased shares of GFI Group Inc. (GFIG) prior to July 30, 2014, and currently hold any of those GFIG shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
On July 30, 2014, CME Group and GFI Group Inc. announced CME Group will acquire all of the outstanding shares of GFI Group in exchange for $4.55 per share in CME Group Class A Common Stock.
However, the plaintiff claims that the offer is unfair to GFIG stockholders and undervalues GFI Group Inc. Indeed, GFIG shares rose in the open market to as high as $4.62 per share on August 6, 2014. The plaintiff says that given a 52-week closing price high of $4.53 the offer represents almost no premium at all. In addition, the plaintiff alleges that one analyst has set the price target for GFIG shares at $5.00 and another analyst recently cited a $7.20 target price for GFIG shares.
In addition, the plaintiff alleges that the process is also unfair to NYSE:GFIG stockholders. The plaintiff says that the board of directors of GFI Group Inc breached its fiduciary duties by agreeing to unreasonable deal protection devices, such as a non-solicitation, an information rights, a $20.1 million termination fee, and a up to $10 million expense reimbursements provision, that unfairly favor CME Group and discourage other potential bidders from submitting a superior offer for GFI Group Inc.
Furthermore, the plaintiff claims that the proposed transaction has also been all but locked-up as a result of a support agreement. Indeed, Jersey Partners Inc., GFI Group's largest stockholder, and certain the members of the GFI Group management consortium and their respective affiliates have already agreed to vote all of their GFI Group shares in favor of the transaction at the GFI Group stockholder meeting to approve the transaction.
Those who currently are investors in GFI Group Inc. (GFIG) shares and purchased any of those GFIG shares prior to the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.