Liontrust extends GAM offer deadline as John Ions responds to shareholder group
John Ions (pictured), Liontrust Asset Management CEO
The original deadline was set for 25 July, but it was extended to 4 August before being pushed back again this morning.
In a statement, Liontrust said the extension offered GAM shareholders the «maximum time allowed» to assess the proposed buyout and rival bid from GAM shareholders NewGAMe.
GAM hits back at shareholders 'conflict of interest' suggestions
NewGAMe has repeatedly protested the current offer laid out by Liontrust, urging fellow GAM shareholders to not accept the deal and submitting its own partial cash tender counteroffer in the process.
In a statement today (4 August), GAM said the institutional shareholder services had recommended its shareholders vote against all proposals of NewGAMe and instead vote in line with GAM's board's recommendations at the EGM.
Part of NewGAMe's protest called for an extraordinary general meeting to discuss the deal, which GAM is set to hold on 18 August.
The group released the slides ahead of the EGM this week, and today's extension should provide clients with more time to decide whether to tender their shares in GAM and which way to vote on the proposed offer.
GAM investor group calls for takeover board to impose final deadline on Liontrust deal
Clients will be able to vote in the EGM, regardless of whether or not they have tendered their shares, GAM said.
The firm's board remained steadfast in its recommendation of the Liontrust bid, and continued to urge shareholders to accept the deal.
Alongside the extension, Liontrust CEO John Ions wrote an open letter to Anthony Maarek, managing director of NJJ Holding, the personal holding company of Xavier Niel, which owns Rock Investment, a French-incorporated entity which
Read more on investmentweek.co.uk
