M&R’s new oil and gas focus: Wheatstone project, Onslow, Western Australia. Picture: MURRAY & ROBERTS
Aton has let its R7.6bn offer for Murray and Roberts lapse, citing the oppositional stance towards the deal adopted by the construction company's independent board. There were also significant risks in extending the long-stop date, including the exposure associated with maintaining in place the cash confirmation connected with the offer, the company said in a statement.
Aton, a German family-owned investment firm that already owns 44% of M&R, initially made an offer of R15 per share in March 2017, upping this to R17 July 2018. The offer has been rejected by the M&R independent board, which said the amount undervalued the group and its prospects.In June, the Competition Commission recommended prohibiting the takeover, saying it would result in a substantial lessening of competition in shaft-sinking, contract mining, mine development and underground construction.M&R’s share price had fallen 4.02% to R12.66 as of 10.20am on Tuesday.
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