After reviewing an independent report by BDO Corporate Finance Proprietary Ltd., Johannesburg-based Murray & Roberts values the company at between R20 and R22 a share, it said in a statement Wednesday. That compares with a 15-rand offer made by Aton GmbH, the Helmig’s investment group, which already owns a 33 percent stake.
The stock jumped immediately after the announcement before paring gains to trade at R14.28 rand as of 3:04 p.m. in Johannesburg. That values the company at R6.2 billion.
The move puts the ball back in Aton’s court. The group, which has investments in mining, engineering, aviation and health technology, is making a second attempt at a deal after talks to merge M&R’s underground mining unit with an Aton business broke down two years ago.
On Thursday, Aton said it had agreed to a deal with Cape Town-based money manager Allan Gray to buy shares at R15 each that will boost its shareholding to almost 40 percent. In a note to clients dated March 1, analysts at SBG Securities valued the company at R19.80.
