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Atlas Arteria Continues to Reject IFM Global's Takeover Proposal

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Atlas Arteria (ASX:ALX) issued a supplementary target statement that continues to recommend the rejection of a takeover bid by IFM Global Infrastructure Fund, according to a Tuesday filing with the Australian bourse.

Atlas Arteria said it still believes the unsolicited IFM offer is too low, opportunistic, and highly conditional.

An earlier bidder's statement filed by IFM "attempted to attack" some aspects of an independent expert analysis that Atlas is relying on, but the experts' panel remains satisfied that its opinions on the proposed deal "continue to be appropriate," Atlas said.

Even if the offer's price was increased to the proposed maximum consideration, it would still materially undervalue Atlas, the company said, adding that the bidder is in a position to be able to pay more.

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