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Man Group to Acquire GLG Partners for $1.6 Billion

Monday, 17 May 2010 08:32 AM

Man Group plc will buy GLG Partners for $1.6 billion in cash and stock, creating a massive hedge fund with $63 billion in assets worldwide.

Man Group said Monday that it will pay $4.50 per share for each GLG stock, a 55 percent premium to GLG's closing price on Friday.

The U.K. firm will also exchange 1.0856 of its shares for each share held by three GLG principals, a value of about $3.50 per share that will be capped at $4.25 per share.

The deal is expected to close by the end of September.

Man Group said the acquisition should generate savings of $50 million a year.

GLG, based in New York, manages nearly $24 billion in assets.

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Man Group plc will buy GLG Partners for $1.6 billion in cash and stock, creating a massive hedge fund with $63 billion in assets worldwide.Man Group said Monday that it will pay $4.50 per share for each GLG stock, a 55 percent premium to GLG's closing price on Friday.The...
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2010-32-17
Monday, 17 May 2010 08:32 AM
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