GLG Shareholders OK Man Merger

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.

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