Entrepreneur Marco Garzetti’s Taure AG's alternative offer to acquire GAM Holding has been rejected due to “materially” undervaluing the firm.
In a statement on Friday (19 May), the firm confirmed it had rejected the offer from Taure on 3 May as it did not eliminate the significant risks of GAM remaining an independent firm and was not in the best interests of all other stakeholders. Earlier this month, Liontrust conditionally agreed to acquire GAM in a deal that values the struggling asset manager at CHF 107m (£95.7m). The offer valued each GAM share at CHF 0.68, alongside proving two loan facilities worth up to £17.8m from 4 May 2023. According to the statement, GAM said Taure's offer would value each GAM share at CHF 0.2...
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