Fund manager Man Group confirmed that it has submitted a bid to bankrupt US rival Refco to acquire certain assets of the business being auctioned under the US bankruptcy process.
The news follows comments last month that Man was entering a non-disclosure agreement with Refco, which plunged into bankruptcy last month amid a financial scandal after charges were levelled against its former chief executive Phillip Bennett.
Interactive Brokers Group and TradeLink are also thought to be submitting bids while a consortium of Merrill Lynch, private equity firm Warburg and Susquehanna is also mulling a deal.

Posted: 11|8|05 at 10:21 am. Filed under: US News.