Virtu Bids for KCG

Broker dealer KCG Holdings has confirmed it has received an “unsolicited” offer from rival firm Virtu Financial to take over the company. According to a statement from the firm Virtu is offering between $18.50 and $20 per share, which would value the firm at an estimated $1.3 billion. In a statement, KCG says its board of directors “is reviewing, in consultation with its financial and legal advisors, Virtu's proposal in the context of KCG's strategic plans to create shareholder value”.