Hedge Funds

Lawyers come out swinging for GLG


At least nine law firms are circling the Man Group acquisition of GLG looking for a payday.

On May 17, Man Group agreed to buy rival GLG Partners for $1.6 billion, a 55% premium at $4.50 per share. The lawyers have been coming out ever since.

At least nine law firms have launched investigations into the purchase, looking for GLG shareholders who believe the purchase price was too low.

“The firm's investigation seeks to determine whether GLG and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders,” said Kendall Law Group, a securities firm, in a May 18 press release.