NewGAMe tender offer for GAM receives regulatory approval

investmentweek.co.uk:

Elmar Zumbuehl (pictured), GAM CEO

As a result, NewGAMe will hold a 27.1% stake in the Swiss asset manager.

In a statement, GAM said it expects the tender offer to complete on 12 January 2024.

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NewGAMe is an entity controlled by NJJ Holding, of which recently appointed GAM board member Anthony Maarek is managing director.

NJJ Holding is the personal holding company of Xavier Niel, who owns Rock Investment SAS, the French-incorporated entity which controls NewGAMe.

NewGAMe became actively involved with GAM after the collapse of the latter's takeover deal by Liontrust Asset Management, to which NewGAMe publicly objected.

Liontrust bid to take over GAM in May 2023, with an offer which valued GAM at CHF 107m (£96m).

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While Liontrust's shareholders overwhelmingly voted in favour of the deal and GAM's board at the time urged investors to approve the takeover, NewGAMe consistently pushed back on the UK asset manager's offer, claiming its offer materially undervalued the future worth of the company.

The deal collapsed in August and GAM turned to NewGAMe to discuss its offer to provide an alternative loan facility initially provided by Liontrust as part of the deal, agreeing a CHF 100m loan with its now core shareholder.

In its statement today (21 December), GAM said it «would like to thank all shareholders for their continued support and looks forward to creating long-term value and success for all our clients, shareholders and employees in 2024 and beyond».

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