JOHANNESBURG - Murray & Roberts said on Monday it had received correspondence from German-based private investment holding group ATON of its intention to acquire all the shares of the South African engineering and construction services company it does not currently own, at a cash offer price of R15.00 per share.
"ATON has indicated its intention to implement the proposed ATON offer by way of a general offer directly to Murray & Roberts shareholders," the company said.
Last year, Murray & Roberts said ATON, which has a diverse portfolio of investments in the mining, engineering, aviation and health technology sectors, had acquired a substantial minority interest in the company.
This followed on ATON's initial acquisition of an approximately 4.5 percent stake between June and September 2015.
"ATON is currently the beneficial owner of approximately 133.4 million Murray & Roberts’ ordinary shares or approximately 29.9 percent of Murray & Roberts’ ordinary share capital," it said on Monday.
As part of the proposed offer, ATON had entered into an agreement to purchase a further approximately 13.7 million Murray & Roberts’ ordinary shares or approximately 3.1 percent, which, once completed, will increase its shareholding to approximately 33.1 percent of Murray & Roberts ordinary share capital, the latter said.
It said it would make a further announcemence once its independent board concluded a review of the proposed ATON offer, and advised shareholders to trade cautiously in its shares.
- African News Agency (ANA)