Liontrust Asset Management Plc (LON:LIO), the specialist independent fund management group, today issues an update in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG which was announced on 4 May 2023.
Liontrust confirms that, following engagement with the shareholders of GAM, Liontrust’s proposed acquisition of GAM is a full and final offer and will not be increased.
Liontrust Asset Management has conducted extensive and co-operative due diligence in relation to GAM, over many months, which validates Liontrust’s view that this is a good and fair offer to GAM shareholders.
Liontrust’s offer takes account of the current financial run rate losses of GAM (including its regulatory capital position, its lack of free cash and its need for external financing) and its future contractual liabilities, as well as the significant restructuring costs required to bring GAM to break even as quickly as possible. Liontrust’s due diligence also confirms the two businesses are highly complementary and the significant opportunities offered by combining the two groups.
It is imperative that the future of GAM is resolved as quickly as possible to provide immediate financial and corporate stability for GAM to preserve value for shareholders and give certainty to clients.
There is no other offer for the entire issued share capital of GAM and the proposed acquisition provides a corporate resolution without further uncertainty and instability.
