Battle lines drawn as PIC increases stake in M&R amidst hostile takeover bid

Image source: www.murrob.com

This is Aton's second attempt at a deal, following the German investor's failed approach in 2016.

M&R has since rejected the offer, saying it undervalued the company, citing an independent report which determined a fair offer of R20-R22 per share.

While PIC is not supporting the bid, Aton has since acquired shares from two of M&R's top 10 shareholders, one of which is Allan Gray. Aton's stake in M&R currently stands at 39.8%.

Sources:

• PIC rejects Aton's takeover offer for Murray & Roberts
  
• Helmig family make unsolicited bid for Murray & Roberts, valuing it at R6.7bn
  
• PIC increases Murray & Roberts stake amid takeover battle
  
• Germany’s Aton keeps hopes of acquiring Murray & Roberts alive