April 4, 2018 / 12:51 PM / 15 days ago

S.Africa's Murray & Roberts says ATON buyout offer below fair value

JOHANNESBURG, April 4 (Reuters) - South African construction group Murray & Roberts, currently the subject of a takeover bid by Germany’s ATON, said on Wednesday that an independent report showed that a fair offer for the company would be as much as 22 rand ($1.85) per share.

The firm said on Wednesday that ATON’s earlier offer of 15 rand per share “materially undervalues Murray & Roberts based on its prospects and is opportunistic” and that 20 to 22 rand per share was fair value. ($1 = 11.9126 rand) (Reporting by Tanisha Heiberg Editing by Alexander Winning)

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