2023-08-10 18:27:36
Published on August 10, 2023 at 8:27 p.m. Modified on August 10, 2023 at 9:03 p.m.
A technical error seems to be behind the latest twist in the GAM saga, the struggling Zurich asset manager who is fighting over two potential buyers. This Thursday, we learned that 32% of GAM shareholders have handed over their shares to Liontrust, the English management company which has issued an acquisition offer via an exchange of shares. In such transactions, the share of shares delivered is not made public as long as the share exchange period is open, as is the case in this case. But these 32% were spotted on the site of the Swiss stock exchange, where they should not have appeared, by the team of NewGAMe, the group of Franco-Geneva investors which seeks to take control of GAM by overthrowing its board of directors. And who hastened to reveal it in a public communication.
Liontrust must collect at least two-thirds of GAM shares by August 23 for its offer to be successful. The English company has repeatedly postponed this deadline, initially set for July 25. Contacted Thursday, she declined to comment.
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