M&R-AVENG MERGER
Tribunal to rule on Aton’s voting rights in M&R battle
The Competition Tribunal is expected to announce on Monday whether or not it will allow Aton to exercise its full 44% voting rights at Tuesday’s meeting of Murray & Roberts (M&R), which has been called to give shareholders an opportunity to indicate if they support the proposed tie-up with Aveng.During Friday’s urgent hearing, the tribunal rejected Aton’s bid to have M&R’s interdict application rejected on the grounds that the urgency claimed by M&R was self-created. Much of Friday’s meeting was tied up in discussion of the likely level of shareholder attendance at Tuesday’s meeting and whether Aton’s 44% voting rights would be sufficient to determine the outcome of the meeting.Aton contends more than 90% of the shareholders are likely to attend the meeting so it will not control the outcome.It told the tribunal it would restrict its voting rights to 50% less one share of those attending the meeting.M&R told the tribunal it had not sought an interdict earlier because Aton had given ...
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