New Zealand’s Pushpay Holdings said on Friday a shareholder vote to decide whether Sixth Street and BGH Capital would acquire the payment platform provider for NZ$1.53 billion ($953.19 million) has not been passed.
The vote comes days after three shareholders, who together own 5.7% of Pushpay shares, made public statements against the deal.
The deal requires 75% of shareholders not associated with either Sixth Street or BGH Capital to vote in favour, but only 55.54% did.
Pushpay, Sixth Street and BGH Capital now have till Tuesday evening to hold further meetings with shareholders and try to win their votes.
The consortium, formally known as Pegasus Bidco Limited, is offering NZ$1.34 per Pushpay share, which was nearly at a 25% premium when the offer was made in October. Pushpay shares closed at NZ$1.27 on Thursday.