Liontrust Faces £11 Million Charge After Failed GAM Takeover Attempt

On Thursday, Liontrust Asset Management plc announced that it is set to incur a one-time financial penalty of up to £11 million ($13.99 million) following its unsuccessful bid to take over Swiss-based GAM Holding AG.

The UK financial firm disclosed that it had won the support of stakeholders holding 53,250,357 shares in GAM, which equates to 33.45% of the total number of shares involved in the proposed acquisition. John Ions, the CEO of Liontrust, said, “Our proposition for acquiring GAM was both thorough and aligned with the company’s economic situation, aimed at delivering a reliable and long-term course of action.”

Ions went on to say, “It’s unfortunate we couldn’t secure majority backing from GAM’s shareholders, but we appreciate the endorsement we did receive from shareholders of both companies.”

In related news, GAM announced that it has entered into promising and constructive discussions regarding refinancing with the investment group Newgame.

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