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Trading firm Virtu Financial makes bid for rival KCG
March 15, 2017 / 8:55 PM / in 9 months

Trading firm Virtu Financial makes bid for rival KCG

(Reuters) - Virtu Financial Inc (VIRT.O) has made a bid to buy rival trading firm KCG Holdings Inc KCG.N that could help Virtu bolster its businesses that have softened under reduced market volatility.

A Specialist trader for Virtu Financial works at a booth on the floor of the New York Stock Exchange April 16, 2015. REUTERS/Brendan McDermid

New York-based Virtu has proposed to acquire all the outstanding shares of KCG’s common stock for $18.50-$20.00 per share in cash, valuing the company at as much as $1.33 billion.

    Shares of KCG were up 27 percent in extended trading after closing at $13.73 on Wednesday. Virtu’s shares were little changed.

    KCG’s board of directors, along with its financial and legal advisers, is reviewing the proposal, the company said.

    The Wall Street Journal earlier in the day reported about the proposed deal. (on.wsj.com/2noyMHl)

    Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel

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