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Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of GLG Partners, Inc. - GLG

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  Published in Business and Finance on Monday, May 17th 2010 at 16:30 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of GLG Partners, Inc. (aGLGa or the aCompanya) (NYSE: GLG) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Man Group plc (aMana).

The proposed deal will be made through two concurrent transactions: a cash merger under a merger agreement entered into among GLG, Man and a Man merger subsidiary; and a share exchange under an agreement entered into among GLGa™s principals (Noam Gottesman, Pierre Lagrange and Emmanuel Roman, together with their related trusts and affiliated entities) and two limited partnerships that hold shares for the benefit of key personnel who are participants in GLGa™s equity participation plan and Man. Under the terms of the merger agreement, Man will acquire the outstanding common stock of GLG not subject to the share exchange for $4.50 per share. Immediately prior to the closing of the merger, under the terms of the share exchange agreement, Man will acquire all of the common stock of GLG held by the principals and the equity participation plan partnerships in exchange for Man ordinary shares at an exchange ratio of 1.0856 Man shares per GLG share. Based on the closing prices of GLG and Man stock on May 14, 2010, the exchange ratio represents a value of $3.50 per GLG share. The share exchange is subject to a cap on the value of Man shares to be received of $4.25 per GLG share.

The investigation concerns whether the GLG Board of Directors breached their fiduciary duties to GLS stockholders by failing to adequately shop the Company before entering into this transaction and whether Man is underpaying for GLG shares, thus unlawfully harming GLG stockholders.

If you own common stock in GLG and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500 or visit [ http://www.zlk.com/glg-partners.html ].

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.