Man to buy GLG in “industry-changing” deal

Mon May 17, 2010

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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...

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