ATON INCREASES INTEREST IN M&R TO 43.70%, LIFTS OFFER PRICE TO R17 A SHARE
25th May 2018
By: Simone Liedtke
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This translates into about 43.94% of the voting rights in M&R.
As a result of the acquisition, in terms of Regulation 111(6) of the takeover regulations promulgated under the Companies Act, 2008, Aton is required to increase the offer consideration for its offer to R17 per M&R share, from the previous R15 a share.
M&R shareholders who have accepted the offer will be entitled to receive the increased offer consideration and need not take any further action.
In addition, Aton intends to waive the minimum acceptance condition.
In this regard, Aton has begun engagements with the Takeover Regulation Panel in order to give effect to the waiver.
M&R has since noted that the increased offer price of R17 is still below the low end of the independent board’s fair value range of between R20 and R22 a share.