2023-07-18 12:06:15
Published on July 18, 2023 at 2:06 p.m. Modified on July 18, 2023 at 2:30 p.m.
NewGAMe launched this Tuesday morning an offer to purchase 28 million GAM shares at a price of 0.55 francs. This consortium of investors notably includes the French businessman Xavier Niel and the Geneva wealth management company Bruellan. His proposal is intended to counter the offer made by the British Liontrust on May 4, which proposes a share exchange in which GAM shareholders would receive 0.0589 Liontrust shares for each of their GAM shares.
According to NewGAMe’s statement, the offered price represents a 31% premium to GAM’s closing price on Monday night and 29% to Liontrust’s offer. To take control of GAM, Liontrust must receive at least 66.7% of the capital of the Zurich company by July 25, a deadline which can be extended by a maximum of 40 days.
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