ATON BID
PIC spurns Aton’s offer for all its Murray & Roberts shares
The move follows M&R's earlier rejection of Aton’s buyout offer, which valued the company at about R6.7bn
The Public Investment Corporation (PIC), the second-largest shareholder in JSE-listed Murray & Roberts, has rejected an offer by German family investment company Aton to buy all of the engineering group’s ordinary shares. The PIC holds a 20.1% stake in Murray & Roberts. Aton, with global investments in mining, aviation and medical technology, is Murray & Roberts’ biggest shareholder with nearly 40% of its voting rights after making a firm offer of R15 a share. Murray & Roberts had earlier rejected Aton’s buyout offer, which valued the company at about R6.7bn. The PIC agreed with the Murray & Roberts board that the offer by Aton "materially undervalues [the company]", Deon Botha, head of corporate affairs at the PIC, said on Monday. The PIC also said it was against the "proposed" delisting of Murray and Roberts. But Aton CEO Thomas Eichelmann had said last week the privately held German group had no "current" intention of dismantling the company and was not seeking to delist it. Howe...
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