Investor group NewGAMe SA has published an open letter to Liontrust CEO John Ions calling for the Swiss Takeover Board to enforce a final date for the tender offer to be reviewed.

Liontrust announced further delays to the offer period last week, extending it by four days, the second extension to the offer period, which was initially set to expire on 25 July.

'Infuriated' GAM investor group hits back at Liontrust in emotional open letter to shareholders

NewGAMe said: "We expect that you will extend it further because Liontrust, GAM and your advisers must know perfectly well that in a takeover situation, the rule set up by the Takeover Board is that if a tender offer is extended over the publication of the target's results, the tender must run for at least ten trading days post-results."

According to the group, this would put the next deadline on 17 August, while the extraordinary general meeting the group called for has been moved from the 18 to the 25 August. The group accused Liontrust of causing this delay to deliberately to "disenfranchise them by preventing a level playing field at the EGM".

It argued it was "essential that shareholders should know the result of the tender offer to be able to vote with the knowledge of critical information", but GAM has given a deadline of 15 August for shareholders who wish to vote via an independent proxy.

NewGAMe stated it has written to the Swiss Takeover Board to impose a final extension to 11 August in order to "protect shareholders' interests".

"You and GAM's board keep talking about the best interests of shareholders, clients and employees. It is time to show that you mean it," NewGAMe wrote.

Liontrust further extends GAM offer period

Liontrust conditionally agreed to acquire GAM on 4 May and while the deal has been supported by GAM's senior figures and its biggest shareholder, the activist investor group representing almost 10% GAM's equity has repeatedly protested the deal.

Last week, the group published an open letter to its fellow GAM shareholders, responding to Liontrust's previous questioning of the legality of its offer, and some of GAM's own claims made on 24 July.

Liontrust, John Ions and GAM have been contacted for comment.