The hostile takeover bid for Abano Healthcare has failed to gain traction during the past six weeks.
Healthcare Partners has gained just 1% of the dental and radiology company.
Healthcare Partners yesterday updated the market, revealing its stake in Abano had increased from 19.02% to 20.04%.
Healthcare's $9.94 per share offer is conditional on it gaining a controlling 50.1% stake. The offer is at present open until February 13.
Labelled the dissident shareholder group, Healthcare Partners represents Peter and Anya Hutson and James Reeves, who in 2013 made an unsuccessful $6.97 takeover bid for Abano.
Healthcare Partners claimed during the takeover process Abano had been ''underperforming financially'' and said it would restructure the company if its stake reached 50.1%.
Craigs Investment partners broker Peter McIntyre said Abano's investors ''appeared to be sticking with the status quo''.
''The takeover's not getting any traction. Investors feel Abano is making progress, while Healthcare Partners think otherwise,'' he said.
He said Craigs' research was that Abano's business model of buying Australian dental practices to operate under the Abano umbrella, was a ''positive'' for the company.
Financial guidance released by Abano in mid-December said its six months trading to November would show profit was ahead of earlier guidance and ''well above'' the corresponding time last year.
The board reiterated its strategy was was to grow the business through targeted acquisition in both New Zealand and Australia, the latter being an $11billion market.
Abano's board has repeatedly rejected Healthcare Partners' offer as too low and at the expense of other shareholders. The board said should Healthcare Partners get to its minimum 50.1% target, the offer would be extended automatically.
