Date Announced: 05/16/2010
client: Special Committee of the Board of Directors of GLG Partners, Inc.
Status: Closed – 10/2010
Value: $1.6 billion Read the case study
On October 14, 2010, Man Group plc (“Man,” LSE: EMG), one of the world’s largest alternative asset managers with $39 billion under management, agreed to buy GLG Partners Inc. (“GLG,” NYSE: GLG), a global alternative asset manager with $24 billion in assets under management (“AUM”), for $1.6 billion. The transaction represents the first ever public-to-public M&A transaction in the alternative asset management sector. The structure included two concurrent transactions with different forms of consideration paid to insiders and the public stockholders. Insiders received Man shares in exchange for their GLG shares based on a valuation of $3.50 per share and public stockholders received cash consideration of $4.50 per share. Man acquired the outstanding common stock of GLG not subject to the share exchange at a 55% premium to the closing price of GLG’s common stock on the last trading day prior to announcement. The transaction brought together two highly complementary businesses, both focused on delivering long-term investment performance. The combined company has $63 billion of net AUM, making it the largest alternative asset manager in the world. Moelis & Company acted as financial advisor to the Special Committee of the Board of Directors of GLG, which represented public shareholders.