Liontrust says it has made 'final offer' for GAM (updated)

Gam Holding AG

21/07/2023 07:41

(Adds detail)
       LONDON, July 21 (Reuters) - British asset manager
Liontrust  LIO.L  said on Friday that it had made its final
offer for Swiss rival GAM Holding  GAMH.S , after a backlash
from some investors against the planned takeover.
    Liontrust conditionally agreed to acquire GAM in May in a
deal that valued the company at 107 million Swiss francs ($124
million).
    A GAM shareholder group, led by French billionaire Xavier
Niel, announced a partial counter-bid for the Swiss company on
Tuesday after some investor opposition to Liontrust's all-share
offer.
    Liontrust said in a statement that it had engaged with
shareholders of GAM but decided its offer was full and final and
would not be increased.
    The British firm added its due diligence on GAM supported
its view that its offer was "good and fair" and noted what it
said were GAM's "financial run rate losses". Significant
restructuring was needed for GAM to break even, Liontrust added.
    "It is imperative that the future of GAM is resolved as
quickly as possible to provide immediate financial and corporate
stability for GAM to preserve value for shareholders and give
certainty to clients," the statement added.
        ($1 = 0.8661 Swiss francs)

 (Reporting by Iain Withers; editing by Jason Neely)
 ((Iain.Withers@thomsonreuters.com;))