JOHANNESBURG, March 29 (Reuters) - German investor ATON said on Thursday it had raised its stake in South Africa’s Murray & Roberts to 33.1 percent as it seeks to takeover the engineering and construction firm despite management opposition.
After the market close, ATON said it reached an agreement to acquire 13,671,480 ordinary shares in Murray & Roberts at a purchase price of 15 rand per share. Murray & Roberts shares had closed up 2.2 percent at 13.80 rand per share.
Murray & Roberts previously rejected ATON’s buyout offer as “opportunistic” and poor value but ATON said it would be for the shareholders to decide. (Reporting by Tanisha Heiberg Editing by Joe Brock)