Business
Update on Proposed Acquisition of GAM Holding AG
Update on Proposed Acquisition of GAM Holding AG.
About this update from Liontrust Asset Management Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \nLEI: 549300XVXU6S7PLCL855\nFor immediate release\n8 August 2023\nStock Exchange Announcement\nLIONTRUST ASSET MANAGEMENT PLC\nUpdate on Proposed Acquisition of GAM Holding AG\n \nLiontrust Asset Management Plc (\"Liontrust\", or the \"Company\"), the specialist independent fund management group, today issues an update in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG (\"GAM\") which was announced on 4 May 2023 (the \"Proposed Acquisition\").\n \nLiontrust today announces that it has received change in control approval from the UK's Financial Conduct Authority (\"FCA\") in relation to the Proposed Acquisition and becoming controllers of GAM's UK regulated entities:\n \n1. GAM Sterling Management Limited;\n2. GAM International Management Limited;\n3. GAM Unit Trust Management Company Limited;\n4. GAM London Limited; and\n5. GAM Systematic LLP.\n \nThe approval from the FCA is a major step forward in satisfying the regulatory approval condition of Liontrust's offer for GAM and joins earlier notifications in relation to the Proposed Acquisition of:\n \n1. No objection from Switzerland's FINMA of the planned changes to the qualified participants of GAM Investment Management (Switzerland) AG, Zurich; and\n2. Approval from the Central Bank of Ireland of the proposed change of ownership of GAM Fund Management Limited.\n \nApplications to the financial regulators in Luxembourg, Italy and Hong Kong are in progress and decisions are expected to be confirmed within the next three months.\n \nAdditionally, we note that two of the major proxy agencies, ISS and Glass Lewis, have released their recommendations with respect to GAM's extraordinary general meeting on 18 A...