Liontrust Asset Management shareholders approve GAM acquisition
David Jacob, chair of GAM, said he was «delighted that Liontrust shareholders strongly support the offer» and said GAM's board «unanimously recommends» the deal to its clients.
The group first announced the acquisition of the Swiss investment manager in May, with the proposed deal currently going through rounds of regulatory approvals.
John Ions, chief executive of Liontrust, said his firm had «made a good and fair offer for GAM and believe it is in the best interests of the shareholders of both companies, as well as clients and employees, by providing a great platform for growth along with corporate and financial stability for GAM».
Liontrust publishes delayed GAM prospectus offer
In turn, David Jacob, chair of GAM, said he was «delighted that Liontrust shareholders strongly support the offer» and added GAM's board «unanimously recommends» the deal to its clients.
The offer period began on 28 June and is expected to conclude on 25 July, with the final results of the offer period set to be published on 31 July and the total transaction completed during Q4 2023.
While Liontrust's managers have signalled support for the merger, and GAM's board has urged its shareholders to accept the deal, there has been a strong cohort of the latter's clients pushing back on the offer.
Investor group NewGAMe and Bruellan, which holds a 9.2% stake in GAM, has consistently campaigned against the terms of the deal, arguing it was not in the firm's best interests as it undervalues GAM.
This has led them to petitioning the Swiss authorities and calling for an extraordinary general meeting to replace board in an attempt to sort an alternative business plan.
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