IFM stake in Atlas Arteria hits 38.8% as takeover battle continues
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The news: IFM Investors’ voting power in toll road operator Atlas Arteria has reached 38.83% as its takeover bid battle continues.
The context: On Monday, when IFM had a 34.59% stake, the bidder raised its takeover offer from $4.75 per share to $5.10 and began taking on-market sales from shareholders and has subsequently stressed that it would not make a higher offer.
The company also stressed on Thursday that the offer is not subject to any defeating conditions and has been unconditional since 17 June.
Atlas Arteria’s board continues to recommend that shareholders reject the offer, arguing it undervalues the company.
In a fourth supplementary target’s statement released on Thursday, Atlas Arteria also rejected IFM’s statement, made on Wednesday, that it would not acquire shares in Atlas Arteria at a price higher than $5.10 per share for at least 12 months following the close of the offer.
Atlas Arteria claimed that IFM’s statements “do not preclude the bidder from being involved in transactions under which ALX securityholders receive more than $5.10 per ALX security — including in the 12 months following the end of the offer period”.
The offer period closes on 25 June at 7:00pm AEST.
