The group said yesterday that more than 15 percent of shareholders had indicated that they were planning to vote against the plan.
Wiese’s deferred shares, held through his companies Thibault Square Financial Services and Titan Premier Investments, control about 32.2 percent of Shoprite’s voting rights.
The group has been in talks with Wiese since April about giving up his extra voting rights in a move to simplify the share structure. In exchange the billionaire would have received R3.3 billion worth of ordinary shares for his extra voting rights under the terms of the plan.
Shoprite said it had engaged extensively with its shareholders over two-thirds of its issued ordinary share capital, excluding shares held by Thibault and Titan.