Investor group challenges Liontrust's valuation of GAM

Seeks cash alternative

Cristian Angeloni
clock • 1 min read

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...

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