According to the firm, the merger will create a âworld-leadingâ investment firm with total assets of $63 million.
Public GLG shareholders will receive $4.50 per share, a figure 55 per cent higher than the firmâs total value at the close of business on May 14th.
Man Group stated that up to $50 million worth of savings have been identified with as much as a third of this figure expected to be made in the year ending 2011.
Peter Clarke, chief executive of Man, said: âThe fit between the two businesses is excellent; across investment strategies, geography and investor base.
âMan's quantitative and multi-manager expertise complements GLG's long track record in discretionary investment strategies, and both firms focus on liquid, transparent and dynamic trading.â
Further details of the transaction showed that owners of GLG Principal shares will receive 1.0856 new Man shares in exchange for this stock.
Financial figures from GLG revealed that it possessed up to $23.7 billion worth of assets as of the end of March 2010.
By Jim Ottewill