Swiss takeover board rules NewGAMe's partial offer for GAM shares complies with rules (updated)

Gam Holding AG

01/09/2023 01:15

(Adds details and background in paragraphs 2-7)
       Aug 31 (Reuters) - Switzerland's takeover board has
ruled that a partial offer for up to 28 million shares of GAM
Holding  GAMH.S  by an investor group comprising NewGAMe SA and
Bruellan SA is in line with Swiss takeover rules, NewGAMe said
on Thursday.
    The board's ruling, however, is subject to the conditions
that NewGAMe supplemented its prospectus with additional
information about the investor group, and details about the
financing agreement between GAM and Rock Investment.
    GAM said on Tuesday it had reached an agreement with French
billionaire Xavier Niel's NewGAMe and Rock Investment, to extend
a liquidity lifeline of 20 million Swiss francs ($22.65 million)
as asset manager Liontrust  LIO.L  declared its bid for GAM
unsuccessful.
    The arrangement would be also that the investor group would
propose new GAM board members at the upcoming extraordinary
general meeting (EGM), where the fund manager's current board is
expected to stand down.
    The regulator on Thursday also challenged the validity of
the condition making NewGAME's offer conditional to Rock's
candidates being elected to GAM's board, NewGAMe said. 
     NewGAMe said it is reviewing the decision and has five
trading days to appeal the decision before the Swiss Financial
Market Supervisory Authority (FINMA).
    Last week, a takeover offer from Liontrust won the backing
of just 33.64% of GAM's shareholders. The British firm on
Tuesday formally declared its bid unsuccessful.

     ($1 = 0.8830 Swiss francs)

 (Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju
Samuel)
 ((Kanjyik.Ghosh@thomsonreuters.com;))