JC Flowers pulls out of Refco auction
Published October 26th, 2005
The future of troubled derivatives broker Refco remained uncertain last night after the front-runner to buy the business - a consortium led by the venture capitalist JC Flowers - pulled out late on Monday.Among the interested parties still looking to buy the firm are broker-dealer Interactive Brokers, a consortium led by Merrill Lynch, Dubai Investment, Marathon Asset Management, Apollo Management and UK-listed hedge fund operator Man.Interactive Brokers is thought to have made the highest offer for the futures arm of the broker - of around $850m
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