PIC, Aton lift shareholding in M&R

The Public Investment Corporation (PIC) has increased its interest in JSE-listed Murray & Roberts (M&R) to 20.15% of the total issued ordinary shares of the company.

Additionally, clients of Allan Gray have reduced their shareholding in M&R to 4.32%, while Aton Austria Holding has raised its interest in M&R to 39.8% shareholding.

Aton in March announced that it planned to fully acquire M&R and, earlier this month, it launched a R15 a share offer to M&R’s shareholders.

An independent board established by M&R to assess the offer has advised shareholders against accepting the offer, saying it “materially” undervalued M&R. A valuation report from independent exportBDO South Africa has determined a fair value price at between R20 and R22 per M&R share.

The PIC, financialservices conglomerate Old Mutual and other smaller shareholders have also rejected the proposed buyout.

This was Aton’s second attempt at a deal after a previous approach failed in 2016.