Liontrust has failed in its takeover bid for GAM, achieving just 33.45% of total shares tendered, well short of the 66.6% minimum acceptance level.
As a result, Liontrust expects to formally declare the offer unsuccessful on 29 August. The failure comes at the end of a protracted offer process, which was twice extended and has seen Liontrust and GAM, the board of which backed the takeover offer, in heated competition with shareholder group NewGAMe. NewGAMe accuses Liontrust CEO of 'bordering illegality' with 'misleading' communications Yesterday (23 August), Liontrust CEO John Ions was accused by NewGAMe of lying to investors about the views of a major shareholder. Following the failure of the bid, GAM has entered into "con...
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