GAM's third largest shareholder Global Emerging Markets group (Gem) has stated it does not support Liontrust Asset Management's bid to take over the Swiss firm - according to an email seen by Bloomberg, and reported by sister website Investment Week.
The email suggests the New York-based alternatives asset manager said it had decided not to accept Liontrust's takeover offer of the firm. Gem held a stake of 6.5% in GAM through its Global Yield fund as of May, according to data compiled by Bloomberg.
All three parties have been contacted for comment.
The pushback presents another challenge for Liontrust as it attempts to pass the deal through.
Since the offer was announced on 4 May, a cohort of GAM's shareholders have publicly rejected Liontrust's offer on the basis they feel it "undervalues" the firm, and have taken to calling for an extraordinary general meeting to replace GAM's board and written to Swiss regulators with concerns.
At the end of last week, both Liontrust and GAM made public attempts to reassure clients on the positives of the deal, with the latter urging shareholders to accept the offer on the grounds it was necessary for the stability of the business.
GAM's biggest shareholder Silchester International Investors, which holds 17.3% of GAM's share capital, also put out a public display of support for Liontrust's bid on 13 July.
It argued the deal was in the best interests of the firm, and urged it co-stakeholders to go ahead with the sale as there is no viable alternatives.
This article was first published on Investment Week
