2023-08-04 18:10:44
Published on August 04, 2023 at 8:10 p.m. Modified on August 04, 2023 at 22:03.
This Friday might have marked the end of the GAM soap opera. Shareholders of the Zurich asset manager had until the end of the day to exchange their shares for securities of Liontrust, the English management company which launched a takeover bid on May 4. But two events came to prolong the financial saga of the summer. NewGAMe, GAM’s other potential buyer, has unveiled details of its strategy to turn around the struggling asset manager since the departure of a star manager in 2018. Its plan was immediately criticized by Liontrust, which once more extended the share trading period to August 23.
Until then, each side is trying to convince GAM’s shareholders to adhere to its strategy – and to discredit that of the adversary. In a new communication, NewGAMe, which includes the French entrepreneur Xavier Niel and the Geneva management company Bruellan, wanted to demonstrate that its offer was more generous for GAM shareholders.
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