LONDON (dpa-AFX) - Man Group (EMG.L) entered into a series of transactions to purchase, at current net asset value, all the residual exposure to the Lehman estates from funds managed by its wholly owned subsidiary, GLG Partners LP. These transactions are mainly relevant to GLG's European Long Short and North American Opportunity strategies, Man added.
The total consideration for the transactions is $355 million, payable in cash. In return, Man would be entitled to benefit from, or bear the risk of, any change to the net asset value of the claims, with the funds sharing upside in limited circumstances.
The company said it would be entitled to the proceeds of each claim as and when it is distributed by the relevant Lehman estate, although the precise timing of receipts is difficult to determine given the complexity of the Lehman insolvencies. The board directors of the relevant funds have received independent financial and legal advice in respect of the transactions.
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