By UK-based sustainability-focused investment manager, Liontrust Asset Management, has declared that its offer to acquire Swiss investment manager, GAM Holding, listed on the Zurich Stock Exchange, is final and will not be increased.
The public exchange offer, which was announced in May, proposes that Liontrust will provide 0.0589 of its shares for every share of GAM. Liontrust believes that this offer is fair and advantageous for the shareholders of GAM.
The offer takes into consideration various factors such as GAM’s run rate losses, future contractual liabilities, and restructuring costs in order to facilitate a swift recovery for the group.
Liontrust asserts that there are no alternative offers for the entire issued share capital of GAM, and the proposed acquisition offers a clear corporate resolution without any further uncertainty or instability.
However, an investor group comprising NewGAMe and Bruellan, who collectively own approximately 9.6% of GAM shares, has expressed their belief that the terms of the offer undervalue the company. They have recently released a letter advising shareholders to hold off on tendering their shares to the offer.
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