CC, A&O and US trio advise on Man Group's $1.6bn hedge fund buyout
Five law firms have taken major roles on Man Group's $1.6bn (£1.1bn) cash-and-stock acquisition of hedge fund GLG Partners, reports The Am Law Daily. The deal, which creates an investing behemoth with $63bn (£44bn) under management, will help Man Group to diversify its holdings and cope with the EU's new regulatory structure for hedge funds, which is set to require increased transparency from international hedge funds wanting to do business within the EU.
May 18, 2010 at 07:18 AM
2 minute read
Five law firms have taken major roles on Man Group's $1.6bn (£1.1bn) cash-and-stock acquisition of hedge fund GLG Partners, reports The Am Law Daily.
The deal, which creates an investing behemoth with $63bn (£44bn) under management, will help Man Group to diversify its holdings and cope with the EU's new regulatory structure for hedge funds, which is set to require increased transparency from international funds wanting to do business within the EU.
Man Group, the world's largest publicly-traded hedge fund, turned to Weil Gotshal & Manges for US counsel and Clifford Chance (CC) for counsel in the UK.
Corporate partners Danielle Do and Jane McDonald led the Weil team on the deal, while the CC team was headed up by corporate finance partners David Pudge and Joel Ziff, alongside Simon Gleeson and Charles Morris, who advised on regulatory aspects.
US firm Chadbourne & Parke acted for GLG with a team led by corporate head Alan Miller, while Winston & Strawn advised a special committee of independent GLG directors, which handled most of the negotiations with the Man Group. Winston corporate partner Terrence Brady and senior counsel William Grant took the key roles for the US firm.
GLG formed the special committee in part because three of the fund's top executives including GLG chair and CEO Pierre Lagrange negotiated a separate portion of the deal related to their future roles in the combined entity and how much Man Group stock they would receive.
Allen & Overy took a role for Lagrange and the other two GLG execs, with US M&A chief Eric Shube and UK corporate partner Mark Dighero leading a transatlantic team which included banking partner Matt Huggett, employment partner Stefan Martin and tax partner Chris Harrison in London and US antitrust head Elaine Johnston and employment partner Henry Morgenbesser in New York.
The GLG executives will receive a combined total of about $336m (£233m) in Man Group stock as part of the deal, while other shareholders will receive $4.50 (£3.10) in cash for each of their GLG shares – a 55% premium on Friday's (14 May) closing price.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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