Virtu would have gone higher if they had the cash; they didn't. Plus a cash deal is not the best deal. That's a deal for flippers. The combined company is very valuable. They will know the direction of all retail trades in the market before anyone else. This is like knowing the future.
This is why I want shares. JPM or GS or another big suitor may want to swoop in and take both Knight and Getco before they get so dominant nobody can touch them.
$2 billion is a steal but this isn't a buyout, its a merger so this is essentially a cash contribution to the company. The reason GETCO included some shares was the large shares insisted or they would have done a total cash offer. The combined companies will be worth their weight in gold. The real payoff is not the cash but the shares going forward.
Don't listen to the yappers. Look at knight. They had a bad trade in August and they nearly went broke. The money came to them. They didn't solicit anyone. Now we have a merger where KCG nearly doubles in size. It is the largest market maker in the world now it is much bigger with #2 GETCO combined. The shares of the new company will soar and within a year, there will be anther suitor looking to take the whole deal.