Freedom will pay $1 billion in a transaction that values GLG at $3.4 billion, before taking its bat-and-ball to the other side of Broadway. GLG is already 20 percent owned by Lehman Bros.
The flagrantly suspicious trading in FRH Friday is ironic, or perhaps even iconic. GLG was sanctioned by British regulators last year, and French regulators last week, for separate incidents of what boiled down to insider trading; GLG plans appealing the French ruling.
GLG Partners to Access Public Markets Through Reverse Acquisition
Jun. 25 2007