Taking a toll
One of the year’s biggest M&A battles descends into a war of words.
Good Morning.
Atlas Arteria and IFM seem intent on taking road rage to the boardroom. It’s one of the year’s biggest M&A tussles: the toll road group facing off with its largest shareholder and suitor, IFM Investors — and the jibes are flying.
On Tuesday, Atlas Arteria called out IFM’s “attack” on independent expert Kroll, which reiterated its control valuation for the company at between $5.39 and $6.20 per share (or $7.8-9 billion). IFM called the report “unbalanced”, “selective” and “misleading”. Spicy stuff.
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Northern Star Resources shares surged on Tuesday after Elliott Management revealed it holds well over $1 billion in the gold miner and called for a strategic review including a possible sale of the company, a CEO search and a board refresh.
