2023-05-05 17:51:04
The takeover bid on the struggling asset manager GAM made the day before by its British competitor Liontrust is not to the liking of new reference shareholders Newgame and Bruellan.
The proposal, recommended by the board of directors of GAM, values the GAM share at less than 70 cents, whereas it was displayed at around 80 cents at the time of the announcement of the acquisition of a stake in the two vehicles. investment a week ago.
Read also: In difficulty, GAM receives an offer to buy from the English Liontrust
Claiming a joint exposure of 8.3%, the fund controlled by French telecommunications magnate Xavier Niel and the Geneva wealth manager believe in a position paper on Friday that the offer does not reflect the potential that a successful turnaround of GAM might represent for its shareholders.
In particular, they deplore an offer expressed solely in fractions of Liontrust shares, without any cash component, accompanied, moreover, by an important performance condition. Liontrust requires that the risk of an unsuccessful exit from the fund management services business in Luxembourg and Switzerland be fully transferred to GAM shareholders.
The group made up of Newgame and Bruellan is therefore considering a possible challenge to Liontrust’s offer in court.
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