GAM reiterates Liontrust bid is sole takeover offer
GAM reiterated it continues to 'strongly recommend' Liontrust’s offer.
NewGAMe has declared to the Swiss Takeover Board its bid «should not be considered as a competing offer to Liontrust's», the company confirmed to Investment Week.
The investor group, which alongside Bruellan holds a 9.6% stake in GAM, filed a proposal yesterday (18 July) to purchase up to 28 million GAM shares at a price of CHF 0.55 per share — representing a 29.1% premium to Liontrust's offer.
GAM investor group makes counteroffer to Liontrust deal
But the bid, NewGAme said, is not in competition with the offer from Liontrust. This is because the UK asset manager is looking to buy the entire share capital of GAM, whereas NewGAMe's bid aims to purchase additional shares to increase its existing stake.
Responding to NewGAMe's bid, GAM said the offer is not «based on any engagement with GAM or its board», and will be subject to regulatory approvals and other conditions.
GAM also reiterated it continues to «strongly recommend» Liontrust's offer.
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