cash-and-stock deal By Associated Press
Post# of 99346
cash-and-stock deal
Topics: From the Wires , News
NEW YORK (AP) — Getco is buying rival trading firm Knight Capital in a cash-and-stock deal that could be worth more than $1 billion. The deal comes just four months after a major software malfunction at Knight roiled markets and threatened the company’s survival.
Knight stockholders have the right to choose $3.75 per share in cash or one share of stock in the new holding company. The per-share price is a 13 percent premium to Knight’s Tuesday closing price. Knight’s stock rose more than 6 percent in premarket trading.
Getco Holding Co. already owns 57 million shares of Knight. It will receive 233 million shares of the new holding company and its existing stake in Knight Capital Group Inc. will be retired.
The deal is expected to close in 2013?s second quarter.
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