The £2.32 billion takeover of Glasgow-based mobile power giant Aggreko plc by private equity firms TDR Capital LLP and I Squared Capital has been thrown into doubt because its biggest shareholder Liontrust Asset Management may oppose the deal, according to news reports.

Aggreko’s board has recommended shareholders accept the takeover offer from a newly formed company owned by funds managed by the private equity firms.

The new company called Albion Acquisitions Limited has offered £8.80 per Aggreko share in cash — which represents a premium of 39% to Aggreko’s closing price on February 4, the day before the offer was made public to the market.

Aggreko shares were trading around £8.70 on Wednesday.

Liontrust Asset Management, which holds a 12.1% stake in Aggreko, has decided to vote against the deal, the reports said.

Other shareholders are also said to have doubts about the price of the proposed deal.

The deal is structured as a scheme of arrangement — which means it requires 75% of voting shareholders to support it.

Aggreko provides mobile energy for major sporting events, concerts and natural disasters and has a contract to supply power equipment for the Tokyo Olympics.

The deadline for the investors to decide is due to expire on Thursday, the reports said.

Aggreko declined to comment. Liontrust said it had no comment.