Liontrust Asset Management expects to publish the circular and offer prospectus on or around June 13, according to an ad hoc disclosure to the SIX Swiss Exchange on Friday. The publication was originally slated for today.

The prospectus is likely to attract keen interest among shareholders. Opponents of the GAM takeover want to remove the incumbent board of directors which could prevent the planned takeover by Liontrust.

Resistance to Takeover

An investor group led by Newgame and Bruellan controls around 9.2 percent of GAM's issued share capital, well above the five percent needed to call an extraordinary general shareholder meeting. It is doing just that, with one planned for mid-August.

It wants to replace the incumbent GAM board of directors with new representatives so that a clear restructuring plan for the company can be presented, finews.com reported.

Challenging Timeline

Even with the delay of the publication, the timeline is playing against the alliance. After the prospectus goes out, a cooling-off period takes hold and the offer period begins at the end of June, originally scheduled for June 26. It is not clear if that is delayed as well. 

At that point, GAM shareholders will be able to tender their securities for Liontrust shares during 20 trading days. An extension of another 20 trading days, as well as additional deadlines for the exchange planned.