24th Jul 2023 09:53
Liontrust Asset Management PLC - London-based asset manager - Extends main offer period for Zurich-based asset manager GAM Holding AG to accept its acquisition offer by three days to July 28. Additional acceptance period will now start on August 7 and end on August 18. Liontrust says this gives GAM more time to consider its agreement to waive the FMS Exit condition, which ordered GAM's exit from the fund management services business. The change follows GAM's agreement in late June to sell its FMS businesses to Dublin-based asset manager Carne Group. Liontrust says accepting its offer would provide "immediate corporate and financial stability" to GAM's shareholders and clients.
On Friday, Liontrust announced its final offer, which valued GAM at CHF107 million or GBP96 million. It said this accounted for GAM's financial run rate losses and costs of "significant" restructuring needed to break even.
Current stock price: 674.25 pence, up 2.1% in London on Monday
12-month change: down 29%
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Liontrust Asset Management