HomeInfrastructureAton’s takeover move for Murray & Roberts delayed – but why?

Aton’s takeover move for Murray & Roberts delayed – but why?

Aton GmBH’s move to acquire Murray & Roberts shares will not happen as it has intended.

The process of obtaining merger control clearances and/or approvals from the relevant competition authorities in respect of its mandatory offer is still ongoing and is expected to extend beyond the initial deadline of 31 March 2019.

Could this delay be the result of concerns over the fact that one company will have too much control in the shaft sinking and underground development sector across the globe? Aton has interests in Redpath and recently took up a significant interest in Aveng.

With Murray & Roberts added to its portfolio, Aton will effectively further remove healthy competition in the fields mentioned above. Aton however indicates it is committed to ensuring Murray & Roberts maintains its position in the industry.

Nonetheless, Aton is still focused on its goals and has elected to extend this date for the fulfilment or waiver for Murray & Roberts, if applicable, of the conditions 30 June 2019.

The mandatory offer has not yet been declared unconditional in all respects and Murray & Roberts shareholders.

In this regard, the independent board of Murray & Roberts continues to advise Murray & Roberts shareholders that they have time to evaluate the mandatory offer. Shareholders that have not accepted the mandatory offer, will have 10 business days following the date on which the mandatory offer becomes unconditional in all respects, to do so.