GLG sued by investor over Man Group deal

GLG Partners is being sued by an investor in the US who argues his shareholding in the group is undervalued in the proposed $1.6bn takeover by Man Group.

GLG shareholder Ron Duva has filed a claim against the New York-listed investment firm in the Delaware Chancery Court, arguing GLG's directors should have secured a higher price than the $4.50 per share Man offer. A spokesman for GLG says: "The company believes this lawsuit is entirely without merit." Shareholders stand to make a 55% premium on their equity in GLG, compared to its price on 17 May, when the deal was announced. However, Duva contends the transaction was timed to take advantage of a decline in GLG's shares, Bloomberg reports. They are up 16% over the past 12 months, b...