Liontrust Asset Management has published its prospectus for its takeover offer of GAM Holdings, which GAM's board "unanimously" recommended to shareholders to accept.

Liontrust has offered 0.0589 ordinary shares of Liontrust with a nominal value of GBP 0.01 for each registered share in GAM.

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 delays publication of GAM takeover details

The end results of the offer are expected to be published in August, and if voted through, the transaction is set to complete during Q4 2023.

David Jacob, chairman GAM, said: "The board believes that the offer from Liontrust is in the best interests of all stakeholders and will create the stability needed to continue to deliver for clients."

He said the firm's portfolio managers has "indicated their strong support for the offer" and had received "positive feedback from many clients".

The takeover was first announced on 4 May, following weeks of press speculation around the around the offer.

The prospectus offer was originally meant to be published on 9 June, but this was pushed back amid ongoing resistance from a group of GAM shareholders.

The group, led by French billionaire Xavier Niel and Swiss entrepreneur Marco Garzetti, have repeatedly opposed the all-share offer, saying they want to try to turn GAM around and last week it called for an extraordinary general meeting to be held to try and vote out the board.

GAM shareholders call for extraordinary general meeting to replace board

Together, investor group NewGAMe and Bruellan control 9.2% of GAM shares.

In a statement, GAM said that the recent EGM request did not count as a competing offer for the firm, which according to its report, it was not allowed to enter into as of 4 May under the terms of the Liontrust deal.

CFO departs

Sally Orton, GAM CFO, has also left the firm, according to a statement by the group today.

Orton joined the firm in August 2022, and according to GAM, has "indicated that it is the right time for her to pursue the next stage of her career".

Former CFO Richard McNamara, who rejoined the firm in February this year to support the board during its strategic review, will take over Orton's responsibilities until the Liontrust deal is completed.

GAM's Jacob thanked Orton for her contribution to the firm, and said he was "pleased that Richard will be supporting us while we complete the transaction".