British commodities broker Man Group PLC has won the bidding war to acquire the solvent remnants of bankrupt rival Refco Inc., a Refco spokesman said Thursday.
Details of the bid were not immediately available. Refco was expected to present Man’s offer to the U.S. Bankruptcy Court in Manhattan later in the day. The bid will likely hinge on the court’s approval of a new plan for Refco’s remaining solvent subsidiary, Refco LLC, to go into Chapter 7 bankruptcy so that Man can liquidate the company and fold its remaining customer accounts into its own brokerage subsidiary in a matter of days.
