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

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.