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JOHANNESBURG - German-based private investment holding firm Aton has posted the offer circular for its hostile takeover bid for Murray & Roberts (M&R) to shareholders in the JSE-listed multinational engineering and construction group. 

Aton said the offer circular had been posted yesterday to M&R shareholders eligible to participate in the offer and published on its website. 

It is proposing to acquire all the M&R shares it does not already own for R15 a share. 

The independent board of M&R said last week that it was of the view that a fair value price range for control of the group was between R20 and R22 an M&R share and Aton’s offer materially undervalued M&R based on its prospects and was opportunistic at the current offer price. 

It intends to recommend that M&R shareholders do not accept the offer. 

The offer opens at 9am today and M&R’s independent board has until May 9 to post a response to the offer circular, with an announcement made by Aton on June 14 on whether, based on the acceptances received, the offer was unconditional or not. 

However, Aton has reserved the right to extend the offer period. Shares in M&R rose 1.34percent yesterday to close at R15.10.