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M&R's fifth-largest investor rejects Aton's buyout bid

28th March 2018

By: Reuters

  

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The fifth-largest shareholder in Murray & Roberts (M&R) plans to reject a hostile buyout bid from Germany's Aton that values the South African builder at nearly $600-million.

"The offer of R15 per share is below what we believe is fair value. As a result we won't be committing to sell into this price," Brian Pyle, an analyst at Old Mutual's equity investment arm, told Reuters.

Financial services conglomerate Old Mutual holds about 5% of M&R, whose board snubbed the offer from its biggest shareholder Aton, a company owned by German investor Lutz Helmig.

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Edited by Reuters

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