The board of Tavistock reiterated its intention to reject a possible all-share takeover offer from rival TEAM at the proposed price.
It also announced that four more shareholders had expressed their intention to vote against the proposal.
Combined, shareholders representing 42.41% of the firm’s issued share capital had now stated their intention to do the same, the firm said in a statement, while also showing support for the current management team.
In their opinion, the approach from TEAM “significantly” undervalued the business and there was no commercial logic that might justify a tie-up.
They also took issue with the all-paper nature of the proposal, “particularly one made using illiquid shares”.
Those four more shareholders who had sent letters to the board rejecting the transaction were Neil Thomas, Kathryn McKimmie, John McKimmie and the estate of Alan Raven.
Up until 14 April, TEAM had only garnered the support of shareholders representing 15.03% of Tavistock’s issued share capital.
Tavistock further noted the “strong” close to its recently-ended financial year as per its trading update issued on 8 April.
