Bidding war brews for Refco futures business

Oct 21, 2005 | 10:14 AM | Sean Barry

Private equity firm J.C. Flowers & Co. LLC might raise its $768-million offer for embattled Refco Inc.'s futures brokerage business after Interactive Brokers Group LLC (IBG) launched a rival bid.

"J.C. Flowers is a serious player and we expect it to take a second look," a source close to Refco said. "But it's not just about the highest price, it's also about bringing stability."

Greenwich, Conn.,-based IBG made a $790-million bid for Refco's futures and commodities trading divisions late Wednesday, topping J.C Flowers' offer.

IBG is preparing to execute a memorandum of understanding on the same terms as the offer by J.C. Flowers but with two improvements, the company said in a statement.....

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