From Breakingviews - Xavier Niel’s GAM raid looks less quixotic
is finally getting serious. NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. It’s enough to throw a serious spanner in the works for the merger.looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And despite opposing the deal, NewGAMe had yet to offer investors an alternative option.
But the value of Liontrust’s offer has fallen due to its own dwindling share price and shrinking asset pool from 67 cents per share in May, or 107 million Swiss francs, to just over 40 cents. NewGAMe is now offering 55 cents to buy 17.5% of GAM’s shares. That would give it a 27% holding. And at least one other investor, withThat means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM.
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