Aton raises bid for Murray & Roberts after buying more shares
Aton raised its bid for Murray & Roberts by 13% to R17 per share on Friday morning, from R15 per share. The German investment group said it was required to do this by South African takeover law because it had bought an additional 18-million shares on the market for an average price of R17. The purchase of these additional shares has raised Aton’s stake in Murray & Roberts to nearly 44%. But the higher bid is still at a discount to the R17.25 at which Murray & Roberts shares last traded on the JSE. In April, Murray & Roberts shareholders were advised not to accept an offer from Aton for less than R20 per share by an independent board chaired by Suresh Kana. "The cash consideration offered by Aton to Murray & Roberts’s shareholders of R15 per Murray & Roberts share is materially below the independent board’s fair value range for control of the company of R20-R22," Kana said. "Furthermore, the cash consideration is subject to a number of potential adjustments. Accordingly, the final ca...
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