Business & Finance
Business and FinanceBusiness and Finance 
Mon, May 17, 2010
Tripp Levy PLLC Investigates Proposed Acquisition of GLG Partners
NEW YORK--([ BUSINESS WIRE ])--Tripp Levy PLLC announces an investigation into the proposed acquisition of GLG Partners, Inc. (NYSE: GLG). On May 17, 2010, GLG announced that it has agreed to be acquired by Man Group plc ("Man"). The deal is structured as a cash offer to GLG stockholders and as a share offer to the Principals at GLG, predominantly including co-CEOs Emmanuel Roman and Noam Gottesman, and Pierre Lagrange. These three will recoup $500 million in shares from the deal.
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. However, Man will acquire all of the common stock of GLG held by the Principals 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 investigation concerns, among other things, whether the structure of the consideration to be paid to GLG shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of GLG. The investigation further concerns whether the directors of GLG may have breached their fiduciary duties by not acting in GLG shareholders' best interests in connection with the structure of the consideration and sale process of GLG.
If you own GLG common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: