GAM's largest shareholder backs sale to Liontrust

investmentweek.co.uk:

Silchester International Investors holds 17.3% of GAM’s share capital.

Silchester holds 17.3% of GAM's share capital and said it will tender its shares into the Liontrust offer, arguing it is in the best interests of GAM's clients to go ahead with the sale as there is no viable alternatives. The firm has been a GAM shareholder since 2011.

GAM urges shareholders to accept Liontrust bid

GAM's board of directors and group management board have already agreed to tender their shares, as the offer period for the deal started on 28 June and is due to expire on 25 July — with GAM expecting to publish the final results of the main offer period on 31 July.

If the deal goes ahead, completion is expected in the final quarter of 2023.

However, investor group NewGAMe and Bruellan, which holds an 9.5% stake in GAM, has continued to campaign against the takeover deal, arguing that the firm is being significantly undervalued.

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David Jacob, chair of GAM, said: «I am delighted that Silchester have confirmed that they will tender their shares into the Liontrust offer. This reinforces the fact that this is the only offer available to GAM shareholders.

»We are convinced that the Liontrust offer provides the certainty of a path forward for all GAM stakeholders and expect that it will receive regulatory approval in due course. The board continues to strongly recommend the Liontrust offer to all shareholders".

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