GAM pushes back against shareholder inaccuracy claims
In a statement today, GAM stood by its communication over the deal, which it has repeatedly urged shareholders to accept.
Yesterday (25 July), investor group NewGAMe and Bruellan, which holds a 9.6% stake in GAM, accused the Swiss asset manager of «spreading misleading information» about the terms of Liontrust's takeover offer.
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On Monday, Liontrust removed the condition requiring GAM to sell its fund management services business from its acquisition offer, conditions the shareholders claimed the latter failed to disclose.
The group took its concerns to regulators and called for the Swiss Takeover Board (STB) to intervene.
In a statement today, GAM stood by its communication over the deal, which it has repeatedly urged shareholders to accept.
It said that as a public company it «has an obligation to ensure that information it discloses is accurate and transparent», and maintained its press release from 24 July «was accurate and transparent».
GAM said it had contacted the STB refuting the claims made by NewGAMe, claiming it «has a strong belief that NewGAMe's claims have no merit».
This was the latest in an ongoing pushback from NewGAMe over Liontrust's acquisition of the Swiss firm, which it claims undervalues GAM at CHF 107 million (£96 million).
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