GAM investor group NewGAMe and Bruellan has responded to Liontrust CEO John Ion’s letter to GAM shareholders, criticising the firm's proposed acquisition offer.
The investor group holds 9.5% of the issued share capital of GAM and is the Swiss asset manager's second largest shareholder. NewGAMe and Bruellan deemed the Liontrust deal "lop-sided", as GAM shareholders would own 14.5% of the combined company, despite contributing 40% of its assets under management, it explained. It also argued that the terms of the deal undervalue the Swiss company, as its EBIT margins are expected to reach 30% by 2025. Liontrust CEO: 'The clock is now at one minute to midnight for the future of GAM' The investor group criticised Liontrust for its "track rec...
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