Investor group urges GAM shareholders to 'hold off' tendering to Liontrust offer

Liontrust hits back

Investor group NewGAMe wrote to GAM shareholders yesterday (20 July) urging them to “hold off” making a decision on the “ridiculous” Liontrust offer and wait until the last minute to do so.

In its letter, the company - which alongside Bruellan holds a 9.6% stake in GAM - told shareholders Liontrust is likely going to have to extend the tender period and "bump" its offer. GAM reiterates Liontrust bid is sole takeover offer It reiterated the Liontrust offer of CHF 71m (£63.3m) undervalues the business, which it said will deliver around CHF 35-40m in EBIT in 2025, according to Liontrust's own estimates. As a result, NewGAMe added the offer is not "fair" and stands below the range of values identified by the GAM board in its fairness opinion of CHF 0.54 to CHF 1.16 per share...