Competition Tribunal to hear Murray & Roberts’ urgent interdict against Aton
M&R is seeking to prevent the German investment group from voting any shares bought since March 22 at an upcoming shareholders’ meeting
The Competition Tribunal will hear an urgent interdict on Friday, brought by Murray and Roberts (M&R) to block Aton from voting more than about 30% of its shares at a general meeting on Tuesday. The tribunal said on Thursday that it would hear M&R’s argument why the German investment group should be prevented from using the voting rights of shares acquired since March 22 at a shareholder meeting scheduled for next Tuesday, June 19. M&R needs a "simple majority" of more than 50% at the meeting to proceed with its proposed all-share acquisition of Aveng. Aton has raised its stake in M&R to about 44% from 33% in April. M&R informed shareholders on June 8 that it intended to request that the tribunal bar Aton from voting its recently acquired shares. "If the June 19 resolution is successfully passed by a simple majority of M&R shareholders, the board will, subject to regulatory approvals, including approval from the Takeover Regulation Panel, and the outcome of the due diligence, move t...
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