A £2.3bn takeover of Aggreko, the FTSE-250 temporary power supplier, was thrown into doubt on Wednesday night after the company’s biggest shareholder indicated that it intended to oppose it.

Sky News has learnt that Liontrust Asset Management, which holds a 12% stake in Aggreko, has decided to vote against the deal.

If confirmed, the decision would be a bombshell which could cast doubt on the company’s 880p-a-share acquisition by a consortium comprising the private equity firm TDR Capital and I Squared Capital, an infrastructure investor.

It would also represent a rare rebellion by an institutional investor against a London-listed board’s recommendation to vote in favour of a takeover.

Several other shareholders are said to have doubts about the price of the deal.

Attention is likely to focus on the intentions of Sprucegrove, the second-largest shareholder, which owns roughly 8% of Aggreko, although its voting decision was unclear on Wednesday.

A looming deadline for investors to decide is due to expire on Thursday, with Liontrust’s decision expected to prompt a frantic last-ditch effort to shore up support for the takeover.

The deal is structured as a scheme of arrangement, meaning it requires 75% of voting shareholders to back it in order for it to complete.

Aggreko confirmed last month that it would recommend the deal to shareholders, with chairman Ken Hanna insisting that the price reflected its future growth prospects.

The company has upgraded its full-year profit forecast this year, saying activity levels had recovered more strongly than anticipated.

Aggreko has contracts to supply power to events such as the Olympic Games in Tokyo, which organisers say will go ahead this summer despite the coronavirus pandemic.

It said recently that the Olympics contract value would be $315m.

Investors believe that Aggreko’s share price will fall sharply if the offer lapses, and it was unclear on Wednesday whether the consortium would be willing or able to raise the offer price.

If the deal does go through, it would be one of a string of London-listed companies to be taken over by foreign or private equity bidders in recent months.

Other targets have included William Hill, the bookmaker, and RSA, the insurer.

This week, Sky News revealed that Equiniti, the FTSE-250 outsourcer, and Elementis, a chemicals group, had received takeover approaches in recent days.

Shares in Aggreko closed on Wednesday at 870.5p, modestly below the price of the offer from TDR and I Squared.

Aggreko and Liontrust declined to comment.

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