Final offer still uncertain, Murray & Roberts tells investors

Murray & Roberts said on Friday Aton’s cash offer of R15 a share for all of the ordinary shares in the group was subject to potential adjustments.

“Accordingly, the final cash offer consideration is not known with any certainty and may be altered based on adjustments applied by Aton that are not objective in all instances,” it said.

“Shareholders should therefore not be misled by the premiums communicated by Aton, which are inflated as a consequence of the weak trading performance and not indicative of a fair offer price,” the JSE-listed engineering group said.

The family-owned German engineering, automotive and healthcare investment group’s offer price is 56.4% above the Murray & Roberts closing price on March 22 2018 and 42.4% above the 30-day volume weighted average price of the group on that date.

Murray & Roberts’s independent board had earlier said the fair value range for control of the group was estimated at R20R22 a share. The group posted its response circular setting out the independent board’s formal recommendation and views on the offer — together with the independent expert’s opinion — on Friday. The opinion was also placed on its website.

“The independent board, together with the full board of directors of Murray & Roberts, are confident in the strategy of Murray & Roberts and therefore the fair value of the company based on its prospects,” Suresh Kana, chairman of the independent board, said on Friday.