IFM Global Offers 4.9 Billion Dollars for Atlas Arteria
Shares in the Australian toll road operator rose over 15 percent today after IFM Global proposed a full takeover. The board is currently reviewing the bid.
Shares of the toll road operator Atlas Arteria surged on Monday following a takeover bid from IFM Global Infrastructure Fund, which values the company at approximately A$6.89 billion ($4.92 billion). The offer, launched through the investment vehicle Diamond Infraco 1, targets all shares not currently held by the fund in the Australia-based firm.
Under the terms of the proposal, IFM Global Infrastructure Fund offered an initial price of A$4.75 per share, representing a 9.7% premium over the previous closing price. The bidder, which already maintains a 34.48% stake in the operator, indicated that the offer price could escalate to a maximum of A$5.10 per share should its interest reach 45% or more before the offer concludes. This maximum consideration was described as a best and final offer, contingent on the absence of a competing proposal.
