Liontrust Asset Management’s offer to acquire GAM has been unsuccessful and, as a result, it is demanding the repayment of its £8.9m loan.
The asset manager said in a regulatory filing today (29 August) that only just over 53 million shares were tendered into its offer as of 23 August, representing around 33.4% of GAM shares. Liontrust bid fails as GAM enters discussions with shareholder group NewGAMe This led to the company declaring its offer to be "unsuccessful", meaning there will not be an additional acceptance period and the offer will not be settled. As part of the shareholder circular published by Liontrust on 13 June, the asset manager has the "right to demand immediate repayment" of the financial support pro...
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