Silchester International Investors LLP (“Silchester”) has informed GAM that, in recognition of the strategic review carried out by GAM and in the absence of viable alternatives, Silchester will tender its shares (27,623,323 shares, representing approximately 17.3% of GAM’s share capital (registered in the commercial register) into the Liontrust Asset Management Plc (“Liontrust”) offer, as Silchester believes it is in the best interest of its clients to do so. A shareholder since August 2011, Silchester is familiar with the asset management industry, regulatory approval processes globally, and GAM’s management.
David Jacob, Chairman of GAM Holding AG said: “I am delighted that Silchester have confirmed that they will tender their shares into the Liontrust offer. This reinforces the fact that this is the only offer available to GAM shareholders. We are convinced that the Liontrust offer provides the certainty of a path forward for all GAM stakeholders and expect that it will receive regulatory approval in due course. The Board continues to strongly recommend the Liontrust offer to all shareholders”.
The offer period started on 28 June 2023 and is expected to expire on 25 July 2023, with the current GAM Board of Directors and Group Management Board having agreed to tender their shares. The final results of the main offer period are expected to be published on or about 31 July and completion of the transaction is currently expected to take place during the fourth quarter of 2023, subject to the satisfaction or waiver of the offer conditions. Shareholders tendering their shares into the Liontrust offer will continue to be able to sell their shares on a second trading line for tendered shares. Whether or not shareholders have tendered or intend to tender their shares into the Liontrust offer has no effect on their right to participate in and, in particular, cast their vote, at GAM’s Extraordinary General Meeting currently scheduled to be held on 25 August 2023.