Aveng’s share price rises after M&R says acquisition has regulatory approval
Aveng’s share price rose 18% to 20c and its rights offer nil-paid letters rose 29% to 9c after Murray & Roberts (M&R) said it had regulatory approval to proceed with its possible acquisition. M&R’s share price fell 2.2% to R17.50. "Following the shareholder approval obtained at the general meeting, held on Tuesday, the takeover regulation panel (TRP) has provided its S126 approval," M&R said on Thursday. This indicates the panel had dismissed Aton’s claim that it had been defeated at Tuesday’s shareholder meeting by votes from investors with a conflict of interest because they held both M&R and Aveng shares. "Shareholders are reminded that any formal offer is still subject to fulfilment of all preconditions specified in the announcement, including the satisfactory completion of a due-diligence review by M&R on Aveng," the company said in its statement. "Only once all the preconditions have been fulfilled and a formal offer made, will the board of directors of M&R present the terms o...
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