Atlas Arteria expert Kroll stands by valuation, rejects IFM criticism
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The news: The board of Atlas Arteria has reiterated its recommendation that shareholders should reject a $7 billion hostile takeover approach from IFM Investors, after its independent expert Kroll reconfirmed the validity of its valuation analysis.
The numbers: Kroll has restated that the control valuation for Atlas Arteria is $5.39 to $6.20 per share, considerably higher than IFM’s $4.75-per-share bid.
Shares last closed at $5.04 each.
The context: IFM, which is the toll road operator’s largest shareholder with a 35% stake, said on Monday that Kroll’s independent expert report was “unbalanced”, “selective” and “misleading”.
Atlas Arteria said on Tuesday that IFM has “attempted to attack selected aspects of the independent expert’s analysis”.
What they said: “Having considered the matters raised by the bidder ... the independent expert has advised the independent directors that it remains satisfied that the opinions expressed in the independent expert’s report continue to be appropriate,” the company said.
The source: ASX
