IFM Investors raises Atlas Arteria bid to $7.4B
IFM Investors has launched a final, sweetened takeover bid for Atlas Arteria (ASX:ALX), raising its offer to $5.10 per share and lifting the toll road operator’s valuation to approximately $7.4 billion.
The revised proposal, up from an initial $4.75 per security, represents a 17.78% premium to Atlas Arteria's closing price on April 24—the final trading day prior to the initial disclosure.
The escalation comes as IFM Investors confirmed its relevant interest in the global toll road group has breached the critical 45% threshold.
IFM Investors stated the enhanced price implies a valuation for the Chicago Skyway asset that aligns directly with its 2022 acquisition price on a cash-certain basis.
However, the offer still falls short of the independent expert assessment conducted by risk advisory firm Kroll, which previously valued the group between $5.39 and $6.20 per share, or up to $9 billion overall.
Backed by that valuation, the Atlas Arteria board has consistently recommended that shareholders reject the suitor's advances.
Declaring this the "best and final" price, IFM Investors has given shareholders a firm deadline to act.
The revised offer is scheduled to close on June 25, forcing a definitive showdown between the major infrastructure investor and the target's resistant board.
