Halcyon Asset Management, the New York-based hedge fund company, is to go public on the US stock market, the latest such business to float. The $11.5 billion company's move comes after it agreed to be bought by a so-called “blank cheque” company, or special purpose acquisition company, called Alternative Asset Management Acquisition Corporation. The new entity created by the deal will be called Halcyon Management. The transaction values Halcyon at approximately $974 million. Under the terms of the agreement, members of Halcyon entities will receive up to $505 million in cash and notes, the Financial Times reported. Halcyon runs multi-strategy funds and other strategies focused on stressed/distressed situations and undervalued asset-backed securities, senior secured bank loans and long/short corporate debt investments. The transaction is expected to be completed during the third quarter of 2008, pending AAMAC stockholder approval, Halcyon client consent and regulatory approval. The parties intend to seek a listing on the New York Stock Exchange.