Investors around the company Newgame will soon fill the chief executive post and the board of directors of the fund house GAM as they see fit. They've received regulatory approval to proceed.
The Swiss Takeover Board has ruled a partial offer by Newgame and Bruellan for up to 28 million shares in Swiss fund house GAM is compatible with Swiss takeover rules, the investor alliance around Newgame, announced Thursday.
As finews.com reported, the investors made an offer to GAM shareholders in July to buy part of the firm. NewGAMe and Bruellan sought to acquire 17.5 percent of outstanding shares for around 15.4 million francs. Most recently, the investors held 9.6 percent of the fund company but had to wait for the green light from the Swiss Takeover Board to acquire over 10 percent. Now they can.
This paves the way to power for the alliance. An extraordinary general meeting is scheduled for September 27, at which the GAM Board of Directors will resign. Shortly thereafter, Newgame plans to fill the CEO position with Randel Freeman, a financial professional who most recently worked with Ticino-based financier Tito Tettamanti.
