The Takeover and State Liability Committee of the Swiss Financial Market Supervisory Authority FINMA is reviewing the appeal against ruling 853/01 of the Swiss Takeover Board in the matter of GAM Holding AG ("GAM") dated 31 August 2023.
In ruling 853/01 dated 31 August 2023, one of the findings of the Swiss Takeover Board was that the condition regarding the election to the Board of Directors of GAM is impermissible and must be deleted from the offer prospectus. This condition comes in the context of a public takeover offer (partial tender offer) by Newgame SA for a total of 28,000,000 GAM shares held publicly (corresponding to 17.5% of the share capital and the voting rights).
Newgame SA has appealed this finding. FINMA's Takeover and State Liability Committee is now reviewing this appeal.