Bond-Trading Firm Gleacher Said To Seek Buyer
Gleacher & Co. (GLCH), the New York-based bond-trading firm formerly known as First Albany Cos., is seeking a buyer and has approached at least one rival brokerage, said two people with knowledge of the matter.
Gleacher’s board hired Credit Suisse Group AG (CSGN) to solicit offers amid pressure from the top investor, private-equity firm MatlinPatterson Global Advisers LLC, said one of the people, who spoke on condition of anonymity because the talks are private. The firm had a market value of $93.8 million at the close of trading yesterday.
Gleacher’s shares had lost more than half their value this year through yesterday as Chief Executive Officer Thomas Hughes’s plan to restructure the brokerage led to employee defections and writedowns on the value of goodwill. Hughes is selling assets to reduce the firm’s leverage, replacing executives and shuttering units that failed to meet expectations after two consecutive annual losses.