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Atlas Arteria Files Application With Takeovers Panel to Block IFM Bidder's Statement

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Atlas Arteria (ASX:ALX) filed an application with the Australian government's Takeovers Panel seeking to block IFM Global Infrastructure Fund from dispatching a bidder's statement related to its offer to acquire Atlas, according to a Wednesday filing.

Atlas recently received an unsolicited takeover proposal from IFM to acquire all the remaining securities in the company at AU$4.75 per share in cash, with the consideration potentially increasing to AU$5.10 per share if IFM obtains at least a 45% relevant interest before the offer closes.

In the application, Atlas Arteria argues that the offer's "two-tiered pricing structure is inherently flawed and cannot deliver the increased consideration...with certainty" due to a number of issues.

The company is seeking an interim order to prevent IFM from dispatching the bidder's statement until it makes changes to the offer or the statement.

Earlier on Wednesday, Atlas said its board recommended shareholders reject the proposal because it materially undervalues the company, among other reasons.

Shares of Atlas Arteria gained nearly 1% in recent Wednesday trade.

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