Billionaire Niel’s Investor Group Seeks to Oust GAM Board in Takeover Fight
- NewGAMe, Bruellan investors call for extraordinary meeting
- GAM continues to recommend acceptance of Liontrust offer
This article is for subscribers only.
An investor group in troubled Swiss asset manager GAM Holding AG, including French telecoms billionaire Xavier Niel, is seeking to oust the board as part of its opposition to the sale to Liontrust Asset Management.
The NewGAMe SA and Bruellan investor group, which controls about 9.2% of GAM’s shares, is calling for an extraordinary general meeting of shareholders to elect a new board to turn around the business, according to a statement on Thursday. It said that Liontrust’s all-share offer for GAM significantly undervalues the company.