Aton’s unwelcome overtures are impeding Murray & Roberts’s (M&R’s) aspirations, such as strategic acquisitions and repurchasing its own shares, M&R said. In yet another explicit display of its opposition to a deal with its biggest shareholder, M&R has questioned the wisdom of Aton’s hostile takeover bid for M&R, saying there was a misalignment between its own strategic aspirations and Aton’s investment objectives. In its results for the year to June, M&R said it was keen to hold discussions with Aton to clarify its plans and seek alignment on strategic direction. In July, Aton made an offer for M&R at R17 a share, which is below M&R’s preferred price range of R20-R22 a share. Aton is a 44% shareholder in M&R. M&R lifted revenue from continuing operations by 2%, from the previous R21.4bn to R21.8bn. Attributable earnings soared 456% to R267m. Diluted continuing headline earnings per share increased by 56% to 112c a share. M&R’s order book for continuing operations was up 12% to R30.1...
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