Silchester International Investors has informed GAM that, in recognition of the strategic review carried out by GAM and in the absence of viable alternatives, it will tender its 27,623,323 shares, representing approximately 17.3% of GAM's share capital into the Liontrust Asset Management offer.
In a statement on 13 July GAM said Silchester, a shareholder since August 2011, believes "it is in the best interest of its clients to do so".
David Jacob, chairman of GAM Holding AG said: "I am delighted that Silchester have confirmed that they will tender their shares into the Liontrust offer. This reinforces the fact that this is the only offer available to GAM shareholders.
"We are convinced that the Liontrust offer provides the certainty of a path forward for all GAM stakeholders and expect that it will receive regulatory approval in due course. The Board continues to strongly recommend the Liontrust offer to all shareholders".
The offer period started on 28 June 2023 and is expected to expire on 25 July 2023, with the current GAM Board of Directors and Group Management Board having agreed to tender their shares.
The final results of the main offer period are expected to be published on or about 31 July and completion of the transaction is currently expected to take place during the fourth quarter of 2023, subject to the satisfaction or waiver of the offer conditions.
GAM's Extraordinary General Meeting is currently scheduled to be held on 25 August 2023.
