Atlas Arteria (ASX:ALX) provides an update on IFM deal

Company News

by Lauren Evans

Atlas Arteria (ASX:ALX) has rejected a request from IFM Global Infrastructure Fund (IFM) to access non-public and confidential information about the company and its assets for the purpose of developing a formal takeover proposal.

This comes after IFM obtained a 15 per stake on Wednesday, and then stated its intention to access certain information before deciding whether to submit a non-binding proposal to acquire all shares in Atlas Arteria that it does not already own. 

Atlas Arteria said it had received the request from IFM, but it didn’t include any proposal from IFM to acquire additional shares in Atlas Arteria.

However, Atlas Arteria has offered to provide IFM with the opportunity to meet with senior management to discuss selected topics on the basis of publicly available information.

Atlas said this was consistent with the company’s past practice in its dealings with large institutional security holders.

Shares last traded at $8.15 yesterday.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.