The investor group comprising NewGAme and Bruellan – holding around 8.3% of the issued share capital in GAM – has challenged Liontrust’s offer for the Swiss company.
The group said the deal, which has been recommended by GAM's board, "undervalues" GAM and does not reflect the "significant upside that a successful turnaround could generate" for current shareholders. Liontrust acquires GAM It has also hit back at the UK asset manager's lack of a cash offer, arguing this will subject GAM shareholders to the volatility of Liontrust shares "without any firm price for a business that has significant intrinsic value". Additionally, the group said the "significant execution contingencies" set out by Liontrust as conditions for the offer - including the...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
