Opalesque Industry Update - Man Group plc ("Man") and GLG Partners, Inc. ("GLG") announce that the recommended acquisition of GLG by Man has been completed, to create a multi-style, performance-focused alternative asset manager with funds of around $63 billion under management. GLG is now a wholly owned subsidiary of Man.|
Peter Clarke, Chief Executive of Man, said:
“The acquisition of GLG is a significant milestone in Man’s development as a global leader in alternative asset management. The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager. Our unrelenting focus on delivering investment performance is allied to powerful product structuring, distribution and client service capabilities. Thanks to the swift and extensive progress we have made on integration planning, we are one business as of today. We look forward to introducing GLG’s exceptional investment management capabilities to a broader global market, and intend to make a fast start as a fully integrated business to harness cost and revenue synergies.”
An aggregate of 162,732,446 new Man shares have been issued in connection with the Acquisition to the GLG Exchange Stockholders (being Noam Gottesman, Pierre Lagrange and Emmanuel Roman, together with their related trusts and affiliates, and the Remainder Trusts that hold shares of GLG Common Stock transferred to them by limited partnerships whose members are individual participants in the GLG equity share plans). The new Man shares issued to Noam Gottesman, Pierre Lagrange and Emmanuel Roman and their related trusts and affiliate entities will be subject to the terms of the share lock-up agreements described in the circular to Man shareholders dated 6 August 2010. As contemplated by the relevant agreement, Noam Gottesman and his related trusts will dispose of certain of the new Man shares received by them to realise funds to satisfy tax liabilities incurred in connection with the Acquisition.
Admission to listing on the Official List of the UKLA and to trading of these new Man shares on the London Stock Exchange's main market for listed securities occurred with effect from 8.00 a.m. today.
For a video interview with Peter Clarke, Chief Executive and Emmanuel Roman, Chief Operating Officer is available here: Source
Terms defined in the circular to Man Shareholders dated 6 August 2010 have the same meanings when used in this announcement. (press release)