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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.