Swiss asset manager GAM which is in a sparring match with activist investors, responds to the letter Newgame sent to the Swiss Takeover Board.
In Response to a letter that Newgame sent to the Swiss Takeover Board (TOB) urging it to intervene in the effort by Liontrust to take it over, Swiss investment manager GAM took issue.
Through an emailed statement on Tuesday, GAM said that as a public company, it must ensure the information it publishes is accurate and transparent. To that effect, it said the information disclosed in its July 24 press release «was accurate and transparent,» and that it has written to the TOB refuting Newgame's allegations.
In the takeover battle over Swiss asset manager GAM, investor group NewGAMe, which includes Swiss asset manager Bruellan, asked the Swiss Takeover Board (TOB) to intervene yesterday Tuesday, finews.com reported.
Allegations Untrue
«GAM strongly believes that Newgame's allegations are untrue,» the statement read.
The Board of Directors of GAM once again reiterated its strong recommendation to shareholders to tender their shares in the Liontrust offer, the main offer period of which expires on July 28, having been extended by three days.
