In May 2023, GAM Holding AG announced that it had entered into an agreement with Liontrust Asset Management plc relating to the launch by of a public exchange offer for all publicly held shares in GAM at a consideration of 0.0589 Liontrust shares per share of GAM Holding AG. The prospectus for the exchange offer was published on 13 June 2023. The offer is subject to a minimum acceptance ratio of 66⅔%. Completion is subject to customary regulatory approvals.