Man Group and GLG Partners, two of the leading European-based
alternative asset managers, are joining forces in a $1.6
billion merger that will create a new giant in the global hedge
fund industry and could have profound implications for the
industry's future landscape at a time of far-reaching change in
terms of regulation and investor requirements.
London-listed Man is buying New York-listed GLG through a
combination of shares and cash in a takeover that will see
GLG's three key principals - co-founders Noam Gottesman and
Pierre Lagrange, together with co-CEO Manny Roman - receiving
shares in Man with a minimum three year lock-up period.
The three executives will swap their shares in GLG for new Man
Group shares at a price of $3.50 each - and will not take any
cash out of the deal as part of their consideration, or any
share premium - while third-party shareholders in...