Shareholders in Altamir Amboise, the listed vehicle that invests in funds managed by European buyout firms Apax France and Apax Partners, have rejected a proposal by two shareholders regarding share buybacks.

French asset management firm Moneta and activist group the Association of Defence of Minority Shareholders tabled a proposal earlier this month for Altamir's annual general meeting on April 18 calling for a buyback when the share price is more than 20% below net asset value.