The Murray & Roberts (M&R) share price has been reasonably stable since the dramatic outcome of the mid-June shareholders’ meeting held to decide on the proposed takeover of Aveng. At about R17.40, the share price is just a tad above the R17 offer from German industrial group Aton. This suggests investors do not believe Aton will be persuaded to up the offer, which M&R has dismissed as reasonable but not fair. In the response circular released on Monday, the independent board of M&R repeated its view that the fair-value price range for control of the group is between R20 and R22. That might be "fair" in terms of securing control but it’s been three-and-a-half long years since M&R shares have traded at that sort of level. Having overseen the evaporation of an enormous chunk of the group’s value in recent years, the M&R board is working hard to ensure shareholders get the best deal from the Germans. They have outmanoeuvred Aton and are sticking to their solid advice to shareholders, w...

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