Knight Capital Group Inc. (NYSE:KCG) has agreed to sell itself to Getco, as we reported earlier this evening. For the past several weeks, there had been a large bidding war betwen Vurtu and Getco over who would win control of the company.
We now have more information on the details behind Knight Capital Group Inc. (NYSE:KCG)'s decision. Getco is the likely winner of the bidding war for Knight Capital, according to FOX Business Network (FBN) Senior Correspondent Charlie Gasparino." Getco increased its bid to "about $2 billion dollars," leading Knight's Board of Directors to reject Virtu Holdings' bid.
More details below:
On the winner of the bidding war for Knight Capital Group:
"Getco is the likely winner of the bidding war for Knight Capital. The board has rejected Virtu Holdings' bid. How did Getco do it? They increased the price. Tom Joyce - the CEO of Knight Capital Group- wanted a $4 billion price. He almost got it. They increased their bid to about $2 billion dollars."