A GAM investor group has offered the firm an alternative loan facility as a backup if Liontrust Asset Management’s buyout offer of the group is unsuccessful.
Anthony Maarek, managing director of Xavier Niel's NJJ Holding, a French-incorporated entity which oversees NewGAMe, the GAM shareholder controlling approximately 9.6% of its shares, wrote to the asset manager's board and board chair David Jacob with a "bridge financing" proposal. He said the offer "is intended to replace loans made by Liontrust to GAM in the event Liontrust's tender offer for the company is unsuccessful". GAM labels NewGAMe's proposal withdrawal 'vexatious' and a disruption strategy In the letter, NewGAMe said it was willing to match the approximately CHF 20m amou...
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