March 27, 2018 / 12:04 PM / 8 months ago

South Africa's Murray & Roberts to ask shareholders to reject ATON's offer

JOHANNESBURG, March 27 (Reuters) - Murray & Roberts (M&R) will recommend that its shareholders reject German’s ATON GmbH’s buyout offer as it is “opportunistic” and undervalues the South African engineering and construction company, it said on Tuesday.

ATON, the investment vehicle of German investor Lutz Helmig, which already owns a third of M&R, offered to buy the rest of M&R’s shares at a cash offer price of 15 rand ($1.29) per share - a 56 percent premium to M&R closing price last Thursday.

Shares in M&R fell 6.06 percent to 13.18 rand at 1157 GMT after the company released its statement. ($1 = 11.6668 rand) (Reporting by Nqobile Dludla Editing by James Macharia)

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