Friday, 22 August 2014
Last updated 12 hours ago
Oct 13 2010 | 12:08pm ET
GLG Partners shareholders yesterday approved the hedge fund's acquisition by the Man Group, clearing the final hurdle for the US$1.6 billion merger.
GLG, which is based in London but listed on the New York Stock Exchange, said that the Man deal was approved by more than the required number of shareholders. Under that deal, owners of GLG stock will get US$4.50 per share.
The merger, which will create a hedge fund behemoth with US$63 billion in assets under management, is expected to close tomorrow.
Last month, Man's shareholders approved the deal.
GLG's top executives, Emmanuel Roman, Noam Gottesman and Pierre Lagrange will remain with the firm and will receive Man shares in exchange for their GLG stakes, rather than cash. Roman has been named chief operating officer of Man. He will remain co-CEO of the GLG unit alongside Gottesman.
Another GLG executive, Luke Ellis, was named head of Man's fund of hedge funds unit.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note