Takeover Panel rejects Atlas Arteria’s request for interim order

The news: The Takeover Panel has declined to grant an interim order requested by Atlas Arteria to block IFM Investors’ $7 billion takeover bid.

The context: This follows Atlas Arteria’s recommendation on 6 May that shareholders reject the $7 billion hostile takeover, describing the offer as “too low, opportunistic and highly conditional”.

Atlas then applied to the Takeovers Panel for an interim order, citing “structural deficiencies” in the bid and asking for it to restrain the bidder’s statement from being despatched in its current form.

The Panel has since told the exchange that while it declined to make an interim order, it is still considering whether to conduct proceedings.