Portfolio managers Albert Saporta and Randel Freeman of GAM Holding AG have intensified their shareholder activism in connection with the proposed tender offer for Yutaka Giken Co., Ltd. by Samvardhana Motherson International (SAMIL). In a second open letter addressed to the Board of Directors of Yutaka Giken, the managers of the GAM Japan Special Situations Fund, GAM Special Situations Fund, and GAM Global Opportunities Fund raised concerns about the absence of protections for minority shareholders and questioned potential ancillary transactions between Honda and SAMIL. The letters, sent ahead of and following shareholder meetings, call for a shareholder vote on the tender offer and urge the company to seek a higher price or consider abandoning the transaction altogether.

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