Takeovers Panel declines to make declaration on Atlas Arteria
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The news: The Takeovers Panel has formally declined to make a declaration of unacceptable circumstances in relation to IFM Investors’ 6 May takeover bid for Atlas Arteria.
The context: This follows the bid by IFM Investors’ subsidiary Diamond Infraco (DICO) to acquire all stapled securities in Atlas Arteria that it does not already own. The initial $4.75 offer was later increased to $5.10 per security, conditional on DICO securing a 45% or greater interest prior to the close of the offer.
The Takeovers Panel subsequently declined to grant an interim order requested by Atlas Arteria to block the $7 billion takeover bid.
During the proceedings, ASIC granted DICO relief to extend the offer period by 14 days if the conditional price threshold is met.
The Panel concluded that the ASIC relief had substantially addressed its concerns and has accepted an undertaking from DICO to not exercise its discretion. The panel has determined that it is not against the public interest to decline making a declaration of unacceptable circumstances.
The source: ASX
