The rest of the Peterhouse board have recommended that shareholders accept the 64.8p a share offer.
Gordon Campbell, the chairman of Babcock, said: "For their own reasons, Jackson and Foster have declined to support this recommendation, but have been unable to provide an alternative offer."
Babcock shareholders agreed the board's decision to buy Peterhouse at an extraordinary general meeting this week. Babcock is awaiting acceptances from Peterhouse's shareholders.
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