Atlas Arteria’s $7b takeover in doubt as IFM reveals feeble acceptance rate
Shareholders are resisting the low-ball bid from the toll road group’s most powerful investor. But there may be another path forward.
IFM Investors’ hopes of seizing control of toll road operator Atlas Arteria appear to be fading after the Melbourne-headquartered asset manager disclosed on Tuesday it had swayed less than 0.1% of shareholders since its $7 billion takeover offer opened on 11 May.
IFM said its current stake in Atlas Arteria now stands at 34.56%, up from 34.48% at the start of the takeover offer period, which ends on 18 June following a one-week extension.
“Given IFM’s highly conditional, opportunistic offer materially undervalues Atlas Arteria, it is not surprising to see the minimal level of acceptances confirmed with the ASX today”, a spokesperson for Atlas Arteria told Capital Brief.
The $4.75-per-share bid, which has been rejected by the Atlas Arteria board, will increase to $5.10 per share if IFM reaches a 45% position before the close of the offer. Shares last closed at $5.08 each.
