Liontrust further extends GAM offer period

Shareholders have until 4 August to weigh up the proposed takeover

Liontrust boosts fixed income team as AUM smashes £10bn


Asset manager Liontrust has extended the main offer period for its proposed acquisition of GAM.

In an update on Friday (28 July), the firm announced GAM shareholders will have until 4 August to tender their shares in support of the bid.

This is the second extension to the deadline in a week, with the offer period originally due to expire on 25 July, before it was extended by three days.

Shareholders now have a further week to weigh up the bid.

The extension comes as GAM investor group NewGAMe and Bruellan continues to oppose the Liontrust takeover.

Earlier in July, NewGAMe and Bruellan tabled a partial cash offer for 28 million GAM shares at CHF 0.55 (49p) each. 

This represented a 29.1% premium on the value of the Liontrust offer which they are seeking to scupper.

The investor group already owns around 9.6% of GAM and if the offer becomes fully subscribed they would own another 17.5%, bringing the total to 27.1%.

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