Liontrust’s shareholders have voted to approve the takeover of Gam.
Some 84 per cent of shareholders at a general meeting today (July 7) voted in favour of the proposed acquisition.
The vote brings the deal one step closer to being completed.
John Ions, chief executive of Liontrust, said the company made a “good and fair” offer for Gam, and the deal is in the best interest of the shareholders of both companies.
“The proposed acquisition will create a global asset manager well positioned for long-term growth,” he said.
“The enlarged group will have greater investment talent; increased diversification of funds, asset classes and investment styles to offer more solutions to clients; broader distribution across the world; and the opportunity to realise synergies.”
David Jacob, chairman of Gam Holding said the board “unanimously” recommends the offer which was made after “extensive due diligence” by a highly regarded peer with a heritage in fund management.
“The enlarged business will have a strong balance sheet, a broader array of excellent investment products, a global distribution footprint and the capability to deliver synergies and growth, in which Gam shareholders can participate in the future,” he said.
Completion of the deal, which Liontrust said would lead to cost savings of £57mn, is expected in the fourth quarter this year.
The takeover, announced on May 4, came after years of share price decline for the Swiss asset manager after one of its fund managers was caught up in the Greensill scandal, where a supply chain business advised by former prime minister David Cameron collapsed.
Since the deal was announced, a group of activist investors have asked Gam to call an extraordinary general meeting in August to ‘contemplate’ the replacement of the company’s board.
The group, called Rock Investment SAS, had previously filed an objection to the deal, accusing the Swiss Takeover Board of acting contrary to the principles of Swiss takeover law.
sally.hickey@ft.com
