Gleacher Drops Search For Buyer, Approves Dissolution

Law360, New York (March 13, 2014, 1:34 PM EDT) -- After failing to find a suitable merger partner, struggling investment bank Gleacher & Co. Inc. announced Thursday that liquidation is in the best interests of its shareholders.

The New York company's board of directors said it will dissolve, liquidate and distribute its remaining assets to its shareholders after mounting losses and a failure to secure a buyer or merger partner. Gleacher & Co. separately on Thursday reported a net loss of $2.9 million, or $0.47 per share, in the fourth quarter of 2013.

The decision to...
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