GAM Holding AG Responds to Yutaka Giken Tender Offer and Market Developments
The GAM Holding AG, a Swiss‑listed asset‑management firm headquartered in Zürich, has issued a formal response to the tender offer made by Samvardhana Motherson International (SAMIL) for Yutaka Giken Co., Ltd. Three special‑situations funds managed by GAM—namely the GAM Japan Special Situations Fund, the GAM Special Situations Fund, and the GAM Global Opportunities Fund—submitted an open letter to Yutaka Giken’s chairman on 22 December 2025. The letter, published by portfolio managers Albert Saporta and Randel Freeman, calls for complete transparency in the fairness analysis and demands a materially higher offer price to safeguard minority shareholders. The managers argue that the current premium offered is low and that the net‑cash valuation understates the company’s intrinsic value.
Market Position and Recent Share Performance
As of 22 December 2025, GAM’s share price stood at CHF 0.148, a level well below the 52‑week high of CHF 0.228 recorded on 1 October 2025 and above the 52‑week low of CHF 0.0811 set on 26 January 2025. The company’s market capitalization is CHF 159.6 million. A retrospective analysis of the stock’s performance indicates that an investment of CHF 10,000 made three years ago would have depreciated by 75.19 % to a value of CHF 2,480.64 today (23 December 2025), reflecting a significant decline in the share price from CHF 0.60 to CHF 0.15.
Shareholder Activism and Corporate Governance
The open letter from the special‑situations funds is part of a broader pattern of shareholder activism by GAM. On 29 December 2025, GAM also opposed a planned takeover of a Honda unit by the Indian company Motherson, as reported by Morningstar. The firm’s opposition underscores its commitment to protecting the interests of institutional and minority shareholders in cross‑border transactions.
Implications for Investors
GAM’s stance on the Yutaka Giken tender offer and its opposition to the Motherson‑Honda deal suggest that the firm prioritises rigorous valuation and transparent processes. Investors following GAM’s funds should monitor the outcome of the Yutaka Giken transaction and any regulatory review that may influence the offer terms. The current share price volatility, reflected in the significant drop over the past three years, highlights the sensitivity of GAM’s equity to market conditions and activist interventions.
The company’s leadership maintains that any changes to the tender offer should align with a fair assessment of Yutaka Giken’s value and provide adequate protection for all shareholders, particularly those holding minority stakes.
