IFM closes Atlas Arteria takeover offer with 67% stake
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The news: IFM Investors’ hostile takeover of Atlas Arteria closed overnight with the bidder securing 67.43% despite the board consistently advising shareholders to reject the offer.
The context: IFM has paid Atlas shareholders $5.10 per share. When the initial acquisition offer was made IFM had a 35% stake in the company.
Atlas’ chair Debbie Goodin is also retiring, as previously announced, with independent director John Wigglesworth appointed interim chair.
Wigglesworth has stepped down as chair of Atlas’ audit and risk committee. He has been replaced by Jean-Georges Malcor.
Atlas said the boards have “accelerated the previously announced process to identify a new independent chair”. Internal and external candidates will be considered.
What they said: “We are entering a crucial period for Atlas Arteria. As we look ahead after the closure of the takeover offer, the Boards recognise the importance of focusing on optimising value for our investors,” chair John Wigglesworth said.
“We thank Debbie for her significant contribution to Atlas Arteria over many years. Her support for a smooth transition has underscored her relentless commitment to act in the best interests of all securityholders.
“While the process for determining a new independent chair of [Atlas] continues, I am committed to engaging constructively with IFM.”
The source: ASX
