British asset manager Liontrust failed to win a majority of GAM shareholders for its takeover bid of the Zurich-based investment company. GAM is now in negotiations with an investor alliance around Newgame.
British asset manager Liontrust's plans to take over GAM have faltered, leading the Swiss investment company's board of directors to hold «constructive and productive» talks with representatives of investor group Newgamee, including Rock Investment and Bruellan, it said in a statement Thursday.
Liontrust gained 33.64 percent of GAM shares according to interim results from the offer period extended to yesterday, falling short of the required two-thirds.
Bridge Financing
The focus will now lie on agreeing to a short-term bridge financing with investor alliance Newgame, while it will also be of great importance for GAM’s shareholders to be able to recompose the investment company’s board of directors, the statement said.
