GERMAN INVESTMENT COMPANY
M&R urges investors to hold the line against Aton offer
The increasingly acrimonious battle between Murray & Roberts (M&R) and Aton looks set to drag on after the JSE-listed group formally rejected the latest offer from the German-based investment company. The independent board of M&R told shareholders on Wednesday that it had tried to engage with Aton on the basis that its revised offer of R17 a share was too low but that "Aton was not prepared to engage". During a teleconference call with shareholders and analysts on Wednesday, Suresh Kana, chairman of the independent board, urged shareholders "to continue to hold the line" against the conglomerate, whose latest offer values the once-mighty M&R at just R7.6bn. Henry Laas Kana also said the independent board was seeking clarification on the ruling by the special committee of the Takeover Regulation Panel banning group CEO Henry Laas from making any public comments on the fractious battle for control. During the teleconference Kana told shareholders that Laas and the board had at all tim...
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