Petrus highlighted three primary grievances regarding the €14.10 per share valuation. According to the firm, the bid lags behind peer-group benchmarks and denies shareholders their rightful portion of the synergy value previously touted by Tata Motors to its own investors. Furthermore, the investor is pushing for compensation to cover the 15-month gap between the initial transaction announcement and the expected final closing date.

Petrus Advisers, an FCA-regulated firm founded in 2009, maintains a history of active engagement with the management teams of its portfolio companies. By publishing its critique, the firm signals a push for a higher price, asserting that current terms fall short of fair value for the broader shareholder base.