In an open letter to Gam shareholders, he said Liontrust's offer was the only viable solution for the business and that it had the support of all of Gam's senior investment managers.īut the NewGam group has said Liontrust's offer significantly undervalues the business and does not reflect the significant upside a successful turnaround could generate for shareholders.

Last week, Liontrust chief executive John Ions issued a last minute plea to Gam shareholders to tender their shares by July 25. Liontrust’s £96mn acquisition of Gam was announced in May, and will create a wealth manager with £53bn of assets under management - the company’s shareholders voted to approve the takeover earlier this month. “There is no other offer for the entire issued share capital of GAM and the proposed acquisition provides a corporate resolution without further uncertainty and instability.” The statement continued: “It is imperative that the future of Gam is resolved as quickly as possible to provide immediate financial and corporate stability for Gam to preserve value for shareholders and give certainty to clients. In a statement issued on Friday (July 21) the asset management company said it has carried out “extensive and co-operative due diligence” on the deal and believes it has made a “good and fair offer” to Gam shareholders. In response Liontrust said its proposed acquisition of the Swiss wealth manager was a “full and final offer and will not be increased”. The group offered to buy up to 28mn shares at a price of SFr0.55 (£0.49) per share with the aim of returning Gam to profitability within two years.

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