GAM shareholder group demands date change for extraordinary general meeting (updated)

Gam Holding AG

08/08/2023 07:09

(Adds detail, comment)
       ZURICH, Aug 8 (Reuters) - Investors in Swiss asset
manager GAM Holding  GAMH.S  have asked for the company's
extraordinary general meeting - which could remove its chairman
and board - to be delayed.
    The investors, led by French billionaire Xavier Niel, want
the event - currently scheduled for August 18 - to be delayed
until after the offer period from British rival Liontrust
 LIO.LO  runs out on August 23.
    They said GAM shareholders cannot make an "informed choice"
about the future of the company, which has been at the centre of
a battle for control since Liontrust launched its 107 million
Swiss franc ($122.50 million) bid in May.
    The investor group, which controls roughly 9.6% of GAM
shares, wants the EGM to be delayed until August 31, so
shareholders can vote knowing the outcome of Liontrust's offer.
        The deadline for Liontrust's offer has been extended
three times from the original date of July 25.
  
        The offer has been recommended by GAM's board, which
triggered calls by some shareholders to remove chairman David
Jacob and his board at an EGM.
    Some investors have opposed the all-share offer, saying in
July that it "grossly undervalues GAM" and want to turn GAM
around rather than selling.
        
  
        
  

($1 = 0.8735 Swiss francs)

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