GAM board urges shareholders to accept Liontrust offer

Gam Holding AG

13/06/2023 07:10

ZURICH, June 13 (Reuters) - GAM Holding's  GAMH.S  board
has repeated its appeal to shareholders to accept a takeover
approach from Britain's Liontrust Asset Management  LIO.L  the
Swiss asset manager said on Tuesday.
    Liontrust has published its prospectus for the takeover,
with an offer period expected to run from June 28 to July 25,
GAM said.  
    The current GAM board and group management board has agreed
to tender its shares in the offer, it added. 
    "The board believes that the offer from Liontrust is in the
best interests of all stakeholders and will create the stability
needed to continue to deliver for clients," GAM chairman David
Jacob said in a statement.
    "Our portfolio managers have indicated their strong support
for the offer, and we have had positive feedback from many
clients."
    The end results of the offer are currently expected to be
published in August and completion of the transaction is
expected to happen during the fourth quarter of 2023, GAM said.
     Liontrust conditionally agreed to acquire GAM Holding AG in
a deal that values the Swiss asset manager at 107 million
francs, the companies said in May.
    But a group of investors led by French billionaire Xavier
Niel and Swiss entrepreneur Marco Garzetti, have opposed the
all-share offer, saying they want to try to turn GAM around.
    Their group, which controls 9.2% of GAM shares last week
requested an extraordinary shareholders meeting to replace GAM's
board. 
    GAM said on Tuesday the request "does not constitute a
competing offer."
    Also on Tuesday GAM announced that Sally Orton, its chief
financial officer since August 2022, has resigned and will be
replaced by former CFO Richard McNamara. 


    


 (Reporting by John Revill, Editing by Louise Heavens)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))