https://www.engineeringnews.co.za

M&R withdraws Aveng merger proposal

M&R withdraws Aveng merger proposal

Photo by Dylan Slater

8th August 2018

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

JSE-listed Murray & Roberts (M&R) on Wednesday announced that it had withdrawn its proposal for a potential merger with Aveng.

The company announced last week that it was reviewing the decision by the Takeover Special Committee (TSC) to overturn the June decision by the Takeover Regulation Panel that enabled M&R to proceed with plans for a potential merger with Aveng, despite a mandatory offer by M&R shareholder ATON to acquire all shares in M&R it does not already own.

"The board has resolved not to take the TSC’s decision on review at this time and continues to reserve its rights in this regard.

“The board is disappointed with the decision reached by the TSC, in light of the prior approval given by M&R shareholders to continue to develop the potential transaction,” M&R said in a statement.

ATON holds a 44% stake in M&R and is seeking a buyout of all M&R shares.

It has also acquired a 25% interest in Aveng.

Aveng said in a statement that it acknowledged the withdrawal of M&R’s merger proposal.

Aveng’s share price on the JSE rose by 12.5% following M&R’s announcement on Wednesday morning. M&R’s shares were trading 0.52% higher.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.075 0.134s - 137pq - 2rq
Subscribe Now