GFI Group tumbles on canceled merger talks with Tullett
Shares of GFI Group Inc. (Nasdaq: GFIG) are tumbling in pre-market trading after the software provider for derivative markets said after Tuesday’s close that it has terminated a possible merger with Tullett Prebon because the two companies failed to reach acceptable economic terms for a transaction.
In a statement the company said that it will “continue to pursue its strategy of technology enabled brokerage and other services in OTC derivative and cash markets and to focus on delivering value to its shareholders.”
Shares skidded 23%, or $2.16, to $7.45 in pre-market trading. For detailed price information and news stories on GFI Group, click GFIG.
