This is Aton's second attempt at a deal, following the German investor's failed approach in 2016.
M&R has since rejected the offer, saying it undervalued the company, citing an independent report which determined a fair offer of R20-R22 per share.
While PIC is not supporting the bid, Aton has since acquired shares from two of M&R's top 10 shareholders, one of which is Allan Gray. Aton's stake in M&R currently stands at 39.8%.
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