Liontrust faces $14 million one-off charge after GAM offer failure

Gam Holding AG

24/08/2023 07:26

LONDON, Aug 24 (Reuters) - Liontrust Asset Management
plc  LIO.L  said on Thursday it would incur a one-off charge
"not more than" 11 million pounds ($13.99 million) after failing
to secure required investor support for its proposed takeover of
Swiss fund firm GAM Holding AG.
    The British company said it had secured backing from
shareholders representing a total of 53,250,357 GAM Shares,
corresponding to 33.45% of total stock subject to its offer.
    "Liontrust made a full and fair offer for GAM, which
reflected the financial reality of the business and would have
provided a certain and sustainable solution," John Ions,
Liontrust CEO said in a statement.
    "We are disappointed we did not win the support of the
majority of GAM's shareholders and are grateful to those GAM and
Liontrust shareholders who did back our offer," he said.
    Separately on Thursday, GAM said it had begun "constructive
and productive" refinancing discussions with representatives of
the investor group Newgame.  urn:newsml:reuters.com:*:nFWN3A50K0

($1 = 0.7864 pounds)

 (Reporting By Sinead Cruise, editing by Lawrence White)
 ((sinead.cruise@thomsonreuters.com; 020 7513 5026; Reuters
Messaging: sinead.cruise.thomsonreuters.com@reuters.net))