M&R board labels Aton offer 'opportunistic'

JSE-listed Murray & Roberts’ (M&R’s) independent board review has concluded that German investment holdings company Aton's planned offer of R15 a share is “opportunistic” and that Aton is unlikely to successfully delist M&R after the takeover. M&R reported on Tuesday that Aton’s proposed cash offer, announced on Monday, was made at a time of unprecedented share price weakness as a consequence of low liquidity, declining valuations of its legacy peers in the construction sector and halting of the company’s share buyback programme in 2017.