Man Group GLG Merger
Man Group Purchasing GLG Partners for $1.6 Billion
Man said it expected the acquisition to add to earnings in 2012. GLG’s founders, Noam Gottesman and Pierre Lagrange, and the co-chief executive, Emmanuel Roman, agreed to a lock-up for their shares for three years. They also agreed to swap their GLG shares for Man stock at $3.50 a share, well below the cash offer to other GLG shareholders.
“We have known Man for many years and can be certain that our two businesses are highly complimentary, both focused on delivering long-term performance but each with differing client bases and uncorrelated investment strategies,” Mr. Gottesman said in a statement.
Man said in March that profit before tax probably fell in the year until the end of March after the performance of AHL disappointed and funds under management declined in the fourth quarter. Source