REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support.
"The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling.
GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain.
Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June.
The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".
Persons:
Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher
Organizations:
REUTERS, Rights, GAM, Thomson
Locations:
Zurich, Switzerland, British, Liontrust