BGC Partners Commences Cash Tender Offer To Acquire GFI Group For $5.25 Per Share

--BGC's Offer Provides Superior Value and Immediate Liquidity to GFI Group Shareholders

NEW YORK, Oct. 22, 2014 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company primarily servicing the financial and real estate markets, today announced it has commenced a fully-financed tender offer to acquire all of the outstanding common shares of GFI Group Inc. (NYSE: GFIG) ("GFI Group" or "GFI") it does not currently own for $5.25 per share in cash. BGC currently owns 13.5% of GFI's outstanding shares.

The offer and withdrawal rights will expire at 12:00 midnight Eastern Time at the end of the day on November 19, 2014, unless extended. The full terms and conditions of the tender offer are set forth in the offering documents that BGC will file today with the Securities and Exchange Commission ("SEC"). BGC notified the GFI Group Board of Directors by letter yesterday regarding the launch of its tender offer. The text of the letter is set forth below.

BGC'S offer of $5.25 per share in cash represents a premium of more than 15% to the $4.55 per share all-stock transaction announced by CME Group Inc. ("CME") and GFI Group on July 30, 2014 and a premium of more than 68% to the price of GFI Group shares on July 29, 2014, the last day prior to the announcement of the CME transaction. In addition, BGC believes the CME transaction would deprive GFI shareholders of the value of their investment because it provides for GFI management to purchase GFI's brokerage business from CME at a discount.

Howard Lutnick, Chairman and Chief Executive Officer of BGC, commented, "We are pleased to commence our fully-financed, all-cash tender providing GFI shareholders with immediate access to our superior offer. Despite our best efforts to engage with GFI regarding a negotiated transaction, we have been met with only unreasonable demands and delay tactics in connection with our attempts to execute even a confidentiality agreement covering information on the Trayport and FENICS businesses with GFI and its management. It is time to allow GFI shareholders to choose for themselves."

Mr. Lutnick continued, "We remain confident that a combination of GFI and BGC will deliver significant benefits to GFI's customers and brokers as part of a larger, better capitalized and more diversified company. We expect the combination will also produce increased productivity per broker, meaningful synergies, substantial earnings accretion and stronger cash flow, enabling us to drive shareholder value and deliver superior service for our customers."