M&G Investments, which owns a 1.7% stake in Provident, has joined fellow shareholders Schroders and Coltrane in confirming it will reject the deal.
“M&G is supportive of Provident’s current strategy and does not believe that a combination with NSF and subsequent break up of the enlarged group will create value for Provident shareholders,” M&G said in a statement on Tuesday.
Shareholders representing about 20.2% of Provident have said they are against the deal.
However, earlier this month NSF lowered the level of acceptances it needed to push forward with its takeover plans to 50% from 90% after winning over investors with 53.53% of its shares.
NSF said Tuesday that the offer would become wholly unconditional on June 5, meaning Provident shareholders still have time to withdraw their acceptances.
However, Invesco, Woodford, and Marathon have committed not to exercise such withdrawal rights.