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301.50 -2.00 (-0.66%)

Bid:

300.00

Ask:

301.00

Spread: 1.00 (0.333%)

Market Cap: £179.21m

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Liontrust extends deadline for GAM takeover again

Fri, 28th Jul 2023 09:54

(Alliance News) - Liontrust Asset Management PLC on Friday said it has extended the offer period for its proposed acquisition of GAM Holding AG, a Zurich-based asset manager.

London-based asset manager Liontrust said GAM shareholders now have until August 4 to tender shares.

It explained that the period is being extended to give additional time for Liontrust to "engage in constructive discussions with GAM shareholders".

"Liontrust has made an offer for the entire issued share capital of GAM that it believes will provide a positive outcome for GAM's shareholders, clients and employees including its investment managers," Liontrust continued.

On Monday this week, Liontrust had extended the offer by three days. It was therefore meant to close on Friday.

On Friday last week, Liontrust announced its final offer, which valued GAM at CHF107 million or GBP96 million. It said this accounted for GAM's financial run rate losses and costs of "significant" restructuring needed to break even.

Shares in Liontrust were down 2.3% to 657.33 pence each in London on Friday morning. In the year-to-date the stock is down 34%.

By Sophie Rose, Alliance News reporter

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