M&R to assess impact of ATON’s acquisition of a 25% stake in Aveng

6th July 2018 By: Schalk Burger - Creamer Media Senior Deputy Editor

JSE-listed Murray & Roberts (M&R) will assess the impact of ATON’s acquisition of a 25.42% interest in JSE-listed Aveng.

M&R, which is subject to a buyout offer by ATON, has launched a bid to acquire Aveng. M&R shareholders last month voted in favour of the company's independent board further investigating a potential buyout of Aveng.

Meanwhile, M&R has this week reiterated its call on shareholders to reject ATON’s R17 a share mandatory offer for all M&R shares, which it argues undervalues M&R’s strategic platforms and business prospects.

The M&R board believes the cash offer remains below its assessed fair-value price range for control of between R20 and R22 a share.

ATON is a significant shareholder in M&R, holding 44% of the company’s shares.

M&R’s share price on the JSE was R17.44 at 15:55 on Friday, according to the bourse.