Investor group NewGAMe and Bruellan, which holds a 9.6% stake in GAM, has accused the Swiss asset manager of "spreading misleading information" about its partial cash tender offer.
In a statement on Monday (24 July) about Liontrust's waiver of the sale of GAM's fund management services business as a condition for the takeover deal, the firm said NewGAMe's offer to increase its stake to 17.5% included a "highly questionable condition that NewGAMe gets full control of the GAM board".
Despite not disputing this, the investor group pushed back, arguing that GAM failed to disclose the Liontrust offer "is subject to similar conditions".
Liontrust waives FMS sale condition from GAM offer
Additionally, GAM said the Swiss Takeover Board will need to rule on NewGAMe's offer and that the timeline for doing so and for any potential appeals is "unknown".
The investor group explained this is standard practice for any tender offer for a Swiss listed company and that, to date, Liontrust, GAM and the Swiss Takeover Board "have not raised questions about the legality of the NewGAMe offer".
As a result, the investor group has asked the STB to intervene to "guarantee a fair and undistorted decision-making process for shareholders".
The investor group added that shareholders should "resist GAM's fearmongering" and assess the options they have regarding the future of GAM: tender to the Liontrust offer, accept NewGAMe's partial cash offer or refuse the Liontrust offer and take part in the investor group's turnaround plan for the Swiss asset manager.
Investor group urges GAM shareholders to 'hold off' tendering to Liontrust offer
"NewGAMe strongly believes that it is in the interest of shareholders not to tender to the Liontrust offer and to remain invested in GAM with a new team on board who can successfully turnaround the company and return it to profitability and growth," it added.
GAM has been contacted for comment.
