New Delhi, Oct. 12 -- Tata Motors Ltd has raised its offer price for Iveco Group NV, but three major institutional shareholders have yet to tender their shares, putting the acquisition at risk as the October 26 deadline approaches. The tender offer for the acquisition that was announced in July 2025 had attracted acceptances for just 28.4% of the shares by the latest available count, with less than two weeks remaining. Tata Motors raised its offer price by 2% to €14.40 per share on October 9, after activist investor Petrus Advisers publicly rejected the original offer on 29 September. The three investors-hedge funds Davidson Kempner and Syquant Capital, and activist investor Petrus Advisers-are among Iveco's largest shareholders after its promoter, Exor. While Exor has tendered its stake, the three funds have not subscribed to the offer more than a month after it opened on September 7. Together, they hold about 20.4% of Iveco's common shares, according to an executive familiar with the matter. "The offer significantly undervalues Iveco relative to its peers. Second, Iveco's shareholders do not receive an appropriate share of the synergy value this transaction creates: value Tata Motors has itself described to its own investors as substantial," Petrus said on September 29. "Third, shareholders should be compensated for the 15-month period between the announcement of the transaction and its expected closing," the statement added. Tata Motors had announced the acquisition on 30 July 2025 for €3.8 billion ($4.4 billion), excluding Iveco's defence business. Activist shareholders typically buy significant stakes in companies and push for changes they believe will unlock value for shareholders, including during acquisitions. Their position becomes particularly important during acquisition because their decision to tender or retain their shares can influence whether the buyer secures the required mandate. Tata Motors said the price increase was prompted by delays in completing the acquisition, which was initially scheduled to close in June but is now expected to conclude by November. In its October 9 statement, the company said the previous price already represented a "full and fair valuation" of Iveco, but that it had raised the offer to account for delays in obtaining regulatory approvals in some jurisdictions. "The offeror hereby specifies that the new price is its best and final determination of the consideration under the offer and will not be increased further," the company said. The revised offer increases the deal value by about €81 million from the original €3.8 billion announced in July 2025. Exor, Iveco's largest shareholder, has tendered its 27.06% stake in the company's common shares. Davidson Kempner holds about 10.17%, Syquant Capital about 6.45% and Petrus Advisers about 3.8%, according to the executive familiar with the matter. The exact breakup of the remaining shareholding, held by retail investors and global funds with smaller positions, was not immediately available. The three investors did not respond to Mint's queries on whether they were satisfied with the revised offer. Tata Motors reiterated its October 9 statement when contacted by Mint....