$1.6B Man Group, GLG Deal Would Create $63B Fund

Law360, New York (May 17, 2010, 1:19 PM EDT) -- British investment management company Man Group PLC has announced plans to acquire rival GLG Partners LP in a $1.6 billion cash-and-stock deal, creating a massive hedge fund overseeing around $63 billion in investments.

The companies announced the merger Monday, saying the combination would result in around $50 million in annual cost savings. If approved, the deal would be a major boon to Man, whose largest investment unit, AHL, has struggled in the downturn.

Under the terms of the deal, GLG stockholders will receive $4.50 in cash...
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