Construction and engineering group Murray & Roberts (M&R) announced on Monday that Germany-based ATON has extended the long stop date for completing the buyout of M&R share from March 31 to June 30.
This is owing to pending merger control clearances and competition authority approvals from South African and Canadian authorities, following the launch by ATON of a hostile takeover bid, at R17 per M&R, last year.
The mandatory offer has not yet been declared unconditional in all respects, to which effect the independent board of M&R continues to advise shareholders that they have time to evaluate the offer.
The independent board believes the offer undervalues M&R, and estimates the company’s worth at between R20 and R22 a share.