M&R board says Aton's sweetened offer still below fair value
The independent board of directors of Murray & Roberts (M&R) says it will consider Aton’s increased offer for the group, but that the new R17 a share offer is below its fair value range of R20 to R22. The increased offer for the JSE-listed engineering group and news that German family-owned investment business Aton now held 44% of M&R had dimmed prospects for a recently announced proposed tie-up with Aveng. Aveng’s share price slumped 10.4% on Friday. M&R’s independent directors released the statement in response to Aton’s announcement on Friday that it had increased its offer by 13% from R15 per share to R17 a share. Aton had also announced that it had lifted its holding in M&R to 44% from 39.8% following the acquisition of 18.2-million shares on Wednesday. On Sunday, Aton told Business Day the share acquisitions followed "unsolicited enquiries and heightened interest" from institutional investors in Aton’s offer following M&R’s announcement of its intended acquisition of Aveng on ...
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