The independent board of Murray & Roberts said on Wednesday a fair value price for control of the group was between R20 and R22 per ordinary share. This came after independent expert BDO Corporate Finance issued a preliminary valuation report on whether a firm intention by German group Aton to make an offer of R15 an ordinary share for the global engineering group was fair and reasonable. SBG Securities had earlier valued Murray & Roberts at R19.80 a share, also stating that a control premium would push this to between R24 and R26 a share. “The independent board therefore affirms its view that the offer materially undervalues Murray & Roberts based on its prospects and is opportunistic at the current offer price,” the group said on Wednesday. “Murray & Roberts shareholders are again advised to take no further action regarding the proposed offer, which is expected to open on or about Friday, April 6 2018,” it said. Murray & Roberts also said on Wednesday it had received formal notifi...

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