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

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…