Takeover panel clears way for M&R to move on Aveng tie-up amid ongoing ATON opposition

Murray & Roberts (M&R) announced on Thursday that it would proceed to further develop a potential tie-up with Aveng after the Takeover Regulation Panel (TRP) sanctioned the outcome of an earlier shareholder vote, which approved a resolution stating that the proposed Aveng deal was not designed to frustrate a bid by ATON to acquire M&R. The resolution was necessary in terms of Section 126 of the Companies Act dealing with restrictions on frustrating actions, including moves to acquire assets in the face of legitimate offer.