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Geoffrey don't just friend that was set to join us with exclusive details of breaking news of a possible sale of the troubled firm might capital right what we know now is that Tom Joyce is looking across Wall Street he's essentially shopping firm -- So might have -- -- technical -- he's -- across Wall Street asking for essentially additional bidders we know there are two bidders interest in in Knight capital.
Virtue the high frequency trading firm also get go into the high frequency trading from -- we understand right now today.
Tom Joyce is looking for other bidders he's looking across Wall Street whether -- successful not.
I can't tell you he's clearly looking to get the price tag up.
It's his fiduciary responsibility -- that you look at the price states now price of -- -- cities around two dollars and 97 cents around three bucks.
You know that's what some takeover talk in the stock we should point out since last Friday the stock has been up like 20%.
But this is what he's doing right now we should point out -- -- and -- are supposed to be putting these -- -- in for the firm.
Is early as tomorrow so what choices -- -- out there is going across Wall Street looking for others basically saying listen got an alternative bid.
You've got competition on the Wall Street Journal has suggested that they may be selling parts of it because for the whole should read this is for the whole shebang from -- I -- the the shopping of -- I I will say this I I don't wanna criticize -- reporting but.
But in -- -- -- little technical.
It's they were saying that -- -- that not beg her to and -- just wanted the money market part of the firm we should point out that.
The money market part addition in the month market making part of firms that part of from the brings buyers and -- together.
The -- firm it's it's huge is a big money maker.
That's essentially the whole firm just so you know so -- buying night.
With some other subsidiaries you really are buying the market in the market -- -- so.
It's like a difference without a difference so he's looking though for other bidders you know.
Howard what lack of Cantor Fitzgerald said he had jumped in tried to notify my next call I had -- come down here to do this book power because from the names that I heard -- bandy around.
Is Howard what they can't let us now he's got cancer rate but he's got that chasing but -- -- BGC is the is a is a public company that's the public I would I would think that is the company.
The old was called es feet it was he'll be speed is that about it that he -- that people are talking about potentially buying this.
I can't tell if there's any I can tell you this he can go across the street this is a very risk averse Wall Street right -- -- very difficult to find bidders I don't beginning major Wall Street firm will buy it.
And -- -- -- price are we talking about.
I think was and this is all about get the price tag up two billion dollars in.
If beauty -- -- are too good friend of mine I should point out the -- the guys run get go I don't know very well.
If they had their dream.
They would like to buy this.
-- would just like them tonight to spin off the money market part right that's what they limit the market a market -- money markets and it's different much of that money market take it from me.
The market making part.
-- like the spin that off for about 700 million dollars the problem is it's hard to do that it's you know you gotta be integrated firm.
You bought -- if I don't think Tom -- would you sell that this -- of it he just sells that he's left with.
Couple places that you know couple things on the site so the thing is they have to buy at all.
So they're gonna have to pay more than 700 her for -- knows it it was one of the best analysts on this -- stuff.
Thinks that this is a deal of over of well over billion dollars that was really wanna pay up for back and you do that I think he can get token they do I think -- and the backed up by.
They get going those backed up by general -- -- -- -- I Mena BGC BGC probably could so this is a billion dollars a lot of money.
But you know I think they got it and this is what choice is looking for making sure that it -- -- billion dollar range and we should point out with this ministry -- -- three dolls.
I don't know for billion dollars fully priced into the I didn't pay I don't know I mean this is for big investors to figure out but he's clearly shopping at broader than the two.
Cross Wall Street can't tell if he's got any bidders the -- Oscar straddling her the closing price so nothing really moving yet but I -- Charlie Jerrold thank you.
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