Murray & Roberts (M&R) is sticking to its guns, maintaining that German family-owned investment group Aton should increase its offer for the engineering and mining contractor. Aton, which holds 44% in M&R, is offering R17 a share for the securities it does not already own, while M&R insists a price of R20-R22 a share is fair value. Aton has until the end of March to obtain regulatory approvals for its hostile takeover bid for M&R. M&R said on Tuesday in the event that Aton obtained regulatory approvals for the deal prior to March 31, shareholders would have 10 days to accept Aton’s mandatory offer “should they choose to do so”. Aton, however, had the option to extend the deadline for the regulatory approvals beyond March 31. M&R said the offer would terminate if Aton failed to obtain the regulatory approvals by March 31 and chose not to extend the deadline. M&R said its board had “refreshed” its evaluation of the company “and maintains its view that a fair-value price range for cont...

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