At the same time, GAM sent out the bid prospectus for its proposed sale to Liontrust, it announced chief financial officer (CFO) Sally Orton has decided to pursue her career outside the company.

Former CFO Richard McNamara, who returned to GAM in February to join the board, has agreed to take over Orton's duties until the deal closes, according to a statement Tuesday. McNamara served as CFO starting in 2015 until he handed the post over to Orton last August.

Sale Strongly Recommended

GAM said Tuesday that bidder Liontrust published the offer prospectus for the public exchange offer for all publicly held GAM registered shares on its website.

GAM's board of directors continues to strongly recommend shareholders accept Liontrust's offer. The offer period is to begin on June 28 and end on July 25, with GAM's current board and group management agreeing to tender their shares. Liontrust already counts on approximately 20 of the voting rights.

Extraordinary General Meeting

The final result of the offer is currently expected in August with the transaction to close in the fourth quarter. An obstacle stands in the way in the form of an alliance of investors led by French billionaire Xavier Niel. The alliance has succeeded in calling for an extraordinary general meeting of GAM and is seeking to replace the board of directors with the hope of staving off the sale of the fund company and instead initiating a turnaround.

In its statement, GAM said, «The recent request by a shareholder to hold an extraordinary general meeting in August does not constitute a competing offer.»

The extraordinary general meeting is expected to take place around August 16.