Deutsche Boerse investors unhappy with its London Stock Exchange bid will have no chance to throw out the exchange's management until May, Reuters says.
Investors could try to oust Deutsche Boerse chief Werner Seifert
The Sunday Times reported that hedge funds TCI and Atticus were planning to demand the removal of the group's chairman and chief executive.
But Deutsche Boerse told news agency Reuters such a move would have to wait until May's annual general meeting.
Investors want Deutsche to return cash to shareholders rather than bid.
"We are long-term investors and are experienced in removing management. We are not scared to take this to its conclusion this time," Atticus' David Slager told the Sunday Times.
However, Deutsche Boerse told Reuters: "TCI's request for the removal of the supervisory board will be considered at the annual general meeting on May 25."
The Sunday Times reported that TCI had been drawing up a list of heavyweight executives to replace Deutsche's chairman Rolf Breuer and chief executive Werner Seifert.
The group owns more than 5% of Deutsche - more than enough to demand an extraordinary general meeting to call on shareholders to oust the German exchange's management.
Under German law Deutsche does not need investor backing to make a takeover bid.
TCI and Atticus have opposed the LSE bid for some time saying it would destroy shareholder value, and would be better spent on a share buyback.
Deutsche is in competition with pan-European bourse Euronext to take over the London exchange.
Many commentators have suggested a bidding war between the two could break out.
However, any such move would have to wait until March when the Office of Fair Trading completes an investigation into the competition aspects of the pair's takeover proposals.