Liontrust's GAM Offer: Going Once, Going Twice...

📆 24/07/2023 11:39:00

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📆 24/07/2023 11:39:00
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Liontrust's GAM Offer: Going Once, Going Twice...: In the battle between Liontrust and activist investors for control of Swiss asset manager GAM, Liontrust confirmed its offer of shares is final and will not be increased. The main offer… GAM Newgame

Liontrust is holding firm on its offer to acquire Swiss asset manager GAM, confirming on Monday that it's «full and final» and will not be increased, according to a statement from GAM.

On July 18, an activist investor group consisting of Newgame and Bruellen controlling 9.6 percent of GAM's share capital floated a partial cash offer for 28 million shares of GAM at 55 centimes per share. That's a 29.1 percent premium to the offer made by Liontrust, representing a volume of approximately 15.4 million Swiss francs.

The investor Group calls the Liontrust offer «unfair,» and believes there's value to be unlocked from GAM. They intend to effect a turnaround at GAM and are challenging the decision of the Swiss Takeover Board for Liontrust's offer to acquire it in an all-share transaction.To give shareholders more time to consider their position, Liontrust is extending the offer period by three days to July 28.

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