As ATON prepares mandatory offer, M&R board says higher price still ‘undervalues’ company

The takeover battle for engineering and construction group Murray & Roberts (M&R) by German investment company ATON intensified this week with ATON announcing its intention to make a new mandatory offer, following a Takeover Special Committee (TSC) ruling instructing ATON to withdraw its earlier voluntary offer. The family-owned business also confirmed an increase in its cash offer price to R17 a share, from R15 previously. Nevertheless, the M&R independent board continued to argue that the offer “undervalued M&R based on its prospects”.