Man, GLG Change Break-Up Agreement To Scuttle Lawsuits

Aug 30 2010 | 12:50pm ET

The Man Group and GLG Partners have amended their merger agreement to dispose of several lawsuits filed by smaller GLG shareholders.

Under the terms of the new agreement, the break-up fee owed by GLG to Man if the deal falls through has been cut to US$26 million from US$48 million, and the time period covered by the break-up agreement has been reduced from 12 months to nine.

Man is paying $1.6 billion in cash and shares for London-based GLG in a move that is expected to create the world’s largest hedge fund manager, with more than US$60 billion in assets under management.

Three shareholder lawsuits, two filed in New York and one in Delaware, the latter alleging that GLG shareholders were not getting a fair shake in the deal, will be dismissed.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note