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GAM cancels EGM after investors withdraw proposals

Reuters
·1-min read

ZURICH (Reuters) - GAM Holding's board of directors has decided to cancel an extraordinary general meeting scheduled for Aug. 18, the Swiss asset management firm said on Monday, after the investor group that requested the meeting withdrew their proposals.

"Given Rock's request to withdraw the Rock Proposals, the Board has decided to cancel the EGM," GAM said in a statement, referring to an investor that was part of a group, led by French billionaire Xavier Niel, seeking an alternative to a takeover offer by British rival Liontrust.

The investors had previously called for the EGM to be delayed until after the offer period runs out on Aug. 23.

(Reporting by Brenna Hughes Neghaiwi; Editing by Miranda Murray)