Liontrust further extends GAM offer period
GAM shareholders will have until 4 August to tender their shares to Liontrust's offer.
This means GAM shareholders will have until 4 August 2023 to tender their shares to Liontrust's offer.
GAM pushes back against shareholder inaccuracy claims
The UK asset manager had already extended the main offer period on Monday (24 July) by giving shareholders until 4pm today (28 July) to back the takeover.
The second extension was given to allow Liontrust additional time to «engage in constructive discussions with GAM shareholders», it said, including investor group NewGAMe — which alongside Bruellan holds a 9.6% stake in the Swiss company and has made a counteroffer to up its shareholding to 17.5%.
«The Liontrust offer is based on extensive due diligence, a comprehensive understanding of GAM's financial situation and the fact that, in Liontrust's view, GAM is not viable as a standalone business,» the UK asset manager said. «The significant cash that is on GAM's balance sheet is not free for the business to use as it wishes but has to be retained as regulatory capital.
»Throughout this process, Liontrust has sought to create corporate and financial stability for GAM and do what is, in Liontrust's view, in the best interests of all GAM's shareholders, clients and employees. Liontrust has always believed that its offer and strategy for ensuring the growth of the combined Liontrust/GAM group is the best way to achieve this."
Investor group accuses GAM of spreading 'misleading information' about counteroffer
Commenting on Liontrust's extension, GAM said it continues to «strongly recommend» the offer and urges shareholders to tender their shares.
The Swiss asset manager also pushed forward the date of its extraordinary general
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