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Murray & Roberts has come out swinging, rejecting shareholder Aton’s takeover offer, saying it is “opportunistic” and undervalues the construction and engineering group’s prospects. On Monday, Aton made a R4.7bn cash offer for the 70% of ordinary shares in Murray & Roberts it does not hold. Murray & Roberts on Tuesday outlined three scenarios the German investment group might pursue: to buy up 100% of the construction and engineering group and delist it from the JSE; to buy 50% plus one share to become the majority stakeholder; or accrete shares to below a 50% stake. By late Tuesday, Murray & Roberts had constituted an independent board following a firm offer letter received from Aton. It has appointed BDO SA Services as independent expert. “The offer is opportunistic and made at a time of unprecedented share price weakness as a consequence of low liquidity, declining valuations of [Murray & Roberts’s] legacy peers in the construction sector and halting of the company’s share buy-ba...

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