Knight Capital and GETCO Holding agree to merge

theflyonthewall.com

Knight Capital Group and GETCO Holding announced they have entered into an agreement for a strategic business combination whereby GETCO and Knight will be combined under a new publicly traded holding company. Under the agreement, existing Knight shareholders will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company. The cash consideration will be subject to pro-ration if the holders elect to receive more than $720M in cash in the aggregate. Jefferies & Company and its affiliates, the largest shareholders in Knight, have agreed to limit their cash election to 50% of their Knight shares to the extent it is necessary to ensure that other Knight shareholders can receive their desired cash level up to the 720 million dollar aggregate amount.

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