Investor group Newgame has withdrawn a complaint filed with Finma against an order of the Takeover Board.
Newgame withdrew its appeal on September 27, resulting in the Takeover and State Liability Committee of the Swiss Financial Market Supervisory Authority (Finma) dismissing the appeal as redundant, according to a Finma statement Thursday evening.
At the end of August, the Takeover Board had determined, among other things, that the condition regarding the renewal of GAM's Board of Directors was inadmissible and should be deleted from the offer prospectus. Newgame had filed an appeal against this decision.
Control Taken Over
The shareholder group around the Geneva-based Bruellan and the investment company Rock Investment of the French billionaire Xavier Niel had fought a long battle with the British asset manager Lionstrust for the Swiss fund house GAM. The Brits lost out in the process. At the Extraordinary General Meeting at the end of September, all candidates proposed by the investor group were elected to the GAM Board of Directors.
