Questions raised over 'management credibility' as Liontrust fails to buy GAM

‘Value destructive’ offer

Liontrust's failed attempt to buy GAM has raised questions over the credibility of its management team, as analysts are split over whether it can fully recover from the unsuccessful bid.

Liontrust's offer received the support of only 33.45% of GAM shareholders, just over half of the required 66.6%. Liontrust bid fails as GAM enters discussions with shareholder group NewGAMe Ben Yearsley, director of Fairview Investing, described the failed deal as "a bit embarrassing for Liontrust...