Silchester International Investors has announced it will tender more than than 27mn shares into the Liontrust offer, which represents around 17 per cent of Gam’s share capital.
Liontrust’s £96mn acquisition of Gam was announced in May, and will create a wealth manager with £53bn of assets under management.
Earlier in July, Liontrust’s shareholders voted to approve a takeover of the Swiss-based asset manager.
Gam chairman, David Jacob, said Silchester’s move reinforces the fact the Liontrust offer is the “only viable option”
He added: “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 June 28 and is expected to expire on July 25, with Gam’s board of directors and group management board having agreed to tender their shares.
The final results of the offer period are expected to be published by the end of the month and the transaction should be completed during the fourth quarter of this year.
tara.o'connor@ft.com
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