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Atlas Arteria Continues to Reject Off-Market Takeover Bid

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Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco 1, an IFM Global Infrastructure Fund subsidiary, for 100% of the fully paid stapled securities that it does not already own in the company, according to a Monday filing with the Australian bourse.

The independent expert concluded that the offer of AU$5.10 per share is "neither fair nor reasonable" as it is 12% below the AU$5.79 midpoint of the valuation range of AU$5.39 to AU$6.20 for Atlas Arteria securities, the filing said.

Additionally, the independent directors plan to target paying distributions to securityholders of at least AU$0.60 per security in the 12 months after the end of the offer period, per the filing.

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