UK's Liontrust tops mid-caps after its proposed takeover offer for GAM falters

Gam Holding AG

24/08/2023 08:46

** Shares of Britain's Liontrust  LIO.L  up as much as 13.9%
at 687p - stock top gainer on UK's mid-caps index  .FTMC 
    ** Stock set to log best day in over three years, if gains
hold
    ** Co says will incur one-off charge after it failed to
secure required shareholder approval for a proposed takeover of
Swiss fund house GAM Holding  GAMH.S 
    ** Adds, it secured backing from shareholders representing
53.25 mln GAM shares, or 33.45% of total stock 
    ** GAM says entered refinancing talks with representatives
of an investor group after LIO's offer failed to garner required
support
    ** LIO expects to declare offer unsuccessful on Aug 29 
    ** As per last close, stock down ~46% this year

   

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))