GAM Funds Call for Transparency on Fairness Analysis of Samvardhana Motherson's 'Egregious' Bid for Yutaka Giken

08:40 AM EST, 12/29/2025 (MT Newswires) -- Certain portfolio managers of GAM Holding (GAM.SW) funds called for the full disclosure of the fairness analysis and the reassessment of Samvardhana Motherson International's tender offer for Yutaka Giken, a company in which it holds a stake in. In an open letter dated Dec. 22 and published by the Swiss asset manager on Monday, the managers urged Honda Motor (HDM.F) subsidiary Yutaka Giken to either abandon the deal or seek a "significantly higher" price than the current bid of 3,024 yen per share. "In all these years we have never witnessed such an egregious takeover offer, with a paltry takeover premium of only 6.4% to Yutaka's undisturbed price, which compares to the average premium of 28.7% on 'similar deals' per Plutus, the independent valuation firm hired by Yutaka's independent Special Committee," the letter showed. "On this metric alone a tender of price of 3,659 yen per share would be justified." The portfolio managers of GAM Japan Special Situations Fund, GAM Special Situations Fund and GAM Global Opportunities Fund added that the letter was published to address transparency concerns and for the protection of minority shareholders. GAM, Honda and Samvardhana Motherson did not immediately respond to requests for comment from MT Newswires.