The rebel shareholder group NewGame has been given the green light for a tender offer which will see it become the largest Gam shareholder.
The group, controlled by NJJ Holding, has been given regulatory approval for its tender which will see it hold 27.1 per cent of Gam’s share capital.
An update published by Gam, said the change is expected to come into effect from January 12, 2024.
The company added: “Gam would like to thank all shareholders for their continued support and looks forward to creating long-term value and success for all our clients, shareholders and employees in 2024 and beyond.”
The investor group previously controlled 9.6 per cent of Gam and did not back a proposed takeover by Liontrust earlier this year.
The £96mn bid failed in August and it instead entered into a financing agreement with Rock Investment SAS and NewGame, which lobbied against the deal.
On December 14, Gam announced a strategy which it said would "deliver sustainable growth and profitability".
It said its plans for 2024 include entering into new partnerships in alternatives, completing the sale of its third-party fund management services business and launching a private shares strategy in Europe.
It also launched a share buy-back for up to 3mn shrares which will run until January 17.
Elmar Zumbuehl, Gam’s chief executive officer said: “I am pleased to announce our updated strategy focused on achieving sustainable growth and profitability with the support of our anchor shareholder NJJ Holding.
"Gam looks forward to creating long-term value and success for all our clients, shareholders, and employees.”
tara.o'connor@ft.com
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