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Competition Tribunal to hear M&R, ATON matter early in December

6th August 2019

By: Marleny Arnoldi

Online News Editor

     

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A hearing before the Competition Tribunal has been set down to start on December 9, for the matter to be settled between German-owned family company ATON and Murray and Roberts (M&R).

The hearings are expected to end on or about January 28, 2020.

ATON, as a majority shareholder in M&R at 44%, first announced in March 2018 its plans to buy all shares in M&R for R15 apiece.

An independent board established by M&R had said the offer undervalued the company’s shares and shareholders have continuously been advised to vote against the transaction.

ATON subsequently increased the offer to R17 apiece in May 2018, but it remained below the independent board’s estimate of the company’s worth at between R20 and R22 apiece.

ATON’s majority ownership eventually triggered a mandatory takeover offer, but the Competition Commission last month recommended to the tribunal that the takeover be prohibited.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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