Atlas Arteria (ASX:ALX), which partners to deliver world-class road experiences and creates long-term value for its stakeholders through disciplined management and sustainable business practices, today announced it has received an unsolicited takeover offer. The Group consists of toll road businesses in France, Germany, and the United States. The bid, lodged by IFM via an off-market takeover, seeks to acquire all Atlas Arteria securities that IFM does not already own. The company reported that there was no prior communication from IFM before the receipt of the Bidder’s Statement. Atlas Arteria has advised shareholders to take no action regarding the offer at this stage.
The offer price is A$4.75 cash per security, which represents a 10% premium based on Atlas Arteria’s last closing security price. IFM has indicated that this price would increase to A$5.10 per security should its relevant interest in Atlas Arteria securities reach 45% or more prior to the close of the offer. The bidder has also made certain ‘best and final’ statements concerning the proposal. The takeover is contingent upon several conditions, including those requiring third-party consents, approvals, or waivers, which may or may not be satisfied. The offer will not proceed unless these conditions are either met or waived.
In response to the bid, the Boards of Atlas Arteria will establish an Independent Board Committee (IBC) to thoroughly consider and evaluate the unsolicited offer. To assist in this process, UBS and Flagstaff have been appointed as financial advisers, with Mallesons serving as legal adviser. The IBC, along with its advisers, will provide an update to shareholders in due course following its review.
