NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares.
Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs.
And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer.
That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM.
But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.
Persons:
Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic
Organizations:
Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson
Locations:
Swiss