KCG BOARD OF DIRECTORS CONFIRMS RECEIPT OF UNSOLICITED ACQUISITION PROPOSAL FROM VIRTU FINANCIAL
March 15 2017 - 5:34PM
KCG BOARD OF
DIRECTORS CONFIRMS RECEIPT OF UNSOLICITED
ACQUISITION PROPOSAL FROM VIRTU FINANCIAL
NEW YORK, N.Y. - March 15, 2017 -
KCG Holdings, Inc. (NYSE: KCG), a leading independent
securities firm offering investors a range of services designed to
address trading needs across asset classes, product types and time
zones, today confirmed that it has received an unsolicited proposal
from Virtu Financial, Inc. (NASDAQ: VIRT) to acquire all the
outstanding shares of KCG's common stock for $18.50-$20.00 per
share in cash.
KCG's Board of Directors is reviewing, in
consultation with its financial and legal advisors, Virtu's
proposal in the context of KCG's strategic plans to create
shareholder value.
About KCG
KCG is a leading independent securities firm offering investors a
range of services designed to address trading needs across asset
classes, product types and time zones. The firm combines advanced
technology with specialized client service across market making,
agency execution and venues and also engages in principal trading
via exchange-based market making. KCG has multiple access points to
trade global equities, fixed income, options, currencies and
commodities via voice or automated execution. www.kcg.com
Certain statements contained
herein constitute "forward-looking statements" within the meaning
of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
typically identified by words such as "believe," "expect,"
"anticipate," "intend," "target," "estimate," "continue,"
"positions," "prospects," or "potential," by future conditional
verbs such as "will," "would," "should," "could" or "may," or by
variations of such words or similar expressions These "forward
looking statements" are not historical facts and are based on
current expectations, estimates and projections about KCG's
industry, management's beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond our control. Any forward-looking statement
contained herein speaks only as of the date on which it is made.
Accordingly, readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict including, without limitation, risks associated with:
(i) the inability to manage trading strategy performance and grow
revenue and earnings; (ii) the receipt of additional payments from
the sale of KCG Hotspot that are subject to certain contingencies;
(iii) changes in market structure, legislative, regulatory or
financial reporting rules, including the increased focus
by Congress, federal and state regulators, the self-regulatory
organization and the media on market structure issues, and in
particular, the scrutiny of high frequency trading, best execution,
internalization, alternative trading systems, market fragmentation,
colocation, access to market data feeds, and remuneration
arrangements such as payment for order flow and exchange fee
structures; (iv) past or future changes to KCG's organizational
structure and management; (v) KCG's ability to develop competitive
new products and services in a timely manner and the acceptance of
such products and services by KCG's customers and potential
customers; (vi) KCG's ability to keep up with technological
changes; (vii) KCG's ability to effectively identify and manage
market risk, operational and technology risk, cybersecurity risk,
legal risk, liquidity risk, reputational risk, counterparty and
credit risk, international risk, regulatory risk, and compliance
risk; (viii) the cost and other effects of material contingencies,
including litigation contingencies, and any adverse judicial,
administrative or arbitral rulings or proceedings; (ix) the effects
of increased competition and KCG's ability to maintain and expand
market share; and (x) the relocation of KCG's global headquarters
from Jersey City, NJ to New York, NY and the
migration of its Jersey City, NJ data center operations to other
commercial data centers and colocations. The list above is not
exhaustive. Because forward looking statements involve risks and
uncertainties, the actual results and performance of KCG may
materially differ from the results expressed or implied by such
statements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, KCG also disclaims any obligation to
update its view of any such risks or uncertainties or to announce
publicly the result of any revisions to the forward-looking
statements made herein. Readers should carefully review the risks
and uncertainties disclosed in KCG's reports with the SEC,
including those detailed in "Risk Factors" in Part I, Item 1A and
elsewhere in the Annual Report on Form 10-K for the year ended
December 31, 2016, and in other reports or documents KCG files
with, or furnishes to, the SEC from time to time.
CONTACTS
Sophie
Sohn |
Jonathan
Mairs |
Communications & Marketing |
Investor
Relations |
312-931-2299 |
646-682-6403 |
media@kcg.com |
investors@kcg.com |
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: KCG Holdings, Inc. via Globenewswire
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