GAM has reasserted the acquisition offer made by Liontrust is the only takeover offer on the table, after investor group NewGAMe proposed to acquire a 17.5% stake in GAM.
NewGAMe has declared to the Swiss Takeover Board its bid "should not be considered as a competing offer to Liontrust's", the company confirmed to Investment Week. The investor group, which alongside Bruellan holds a 9.6% stake in GAM, filed a proposal yesterday (18 July) to purchase up to 28 million GAM shares at a price of CHF 0.55 per share - representing a 29.1% premium to Liontrust's offer. GAM investor group makes counteroffer to Liontrust deal But the bid, NewGAme said, is not in competition with the offer from Liontrust. This is because the UK asset manager is looking to buy...
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