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Atlas Arteria Rejects IFM's Sweetened AU$7.4 Billion Takeover Offer
US Markets

Atlas Arteria Rejects IFM's Sweetened AU$7.4 Billion Takeover Offer

Australia-listed toll road operator Atlas Arteria (ASX: ALX) rejected IFM Investors' improved takeover proposal and urged shareholders to take no action, arguing the bid fails to reflect the value of its assets and growth prospects."The independent directors unanimously recommend that you reject the offer," Atlas Arteria said in a Monday statement.The response came after IFM raised its offer to AU$5.10 per security from the earlier AU$4.75, describing it as its "best and final" proposal unless a competing bid emerges.At the latest offer, the revised price tag values the toll road operator at approximately AU$7.4 billion.The latest offer comes more than a month after Atlas Arteria rejected IFM's initial proposal, describing it as a "hostile, highly conditional takeover offer" that "materially undervalues" the company.The toll road operator said at the time that the bid failed to adequately reflect the value of its global toll road portfolio and embedded growth opportunities.Atlas Arteria also said the earlier proposal was subject to conditions that "may never be satisfied or waived," while some were already incapable of being satisfied.The company's independent expert, Kroll Australia, concluded that the offer is "neither fair nor reasonable," according to Atlas Arteria's target statement.IFM held voting power of 34.48% in Atlas Arteria as of the bidder's statement.The offer is scheduled to close on June 11 unless extended in accordance with Australian takeover rules.Atlas Arteria said securityholders who wish to follow the board's recommendation do not need to take any action and should ignore documents sent by IFM and the bidder.

ASX:ALX
Asia

Update: Atlas Arteria Says IFM Global Unit Raises Takeover Offer

(Updates to add the company's recommendation in the sixth and seventh paragraphs)Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has increased its takeover offer to AU$5.10 per security from AU$4.75 and declared it "best and final," according to a Monday filing with the Australian bourse.The revised offer represents a nearly 18% premium to the company's closing price on April 24.The bidder said it will not raise its offer unless a rival bid emerges and has committed not to buy securities above AU$5.10 for 12 months after close unless a competing offer arises, per the filing.The offer has been declared unconditional, subject only to specified prescribed occurrence conditions, with the bidder holding a 34.59% voting interest in the company, the filing said.The offer remains valid until June 25, unless extended, the filing added.In a separate filing, the company cited press reports that IFM investors may seek to increase its stake via on-market buying and warned it reserves the right to seek Takeovers Panel action in relation to any associated stock-borrowing or short-selling activity.The company reiterated its recommendation that security holders reject IFM's offer, citing material undervaluation and an inadequate control premium.

ASX:ALX
Asia

ASX Preview: Australian Shares Set to Rise After US-Iran Peace Deal; Atlas Arteria Says IFM Global Unit Raises Takeover Offer

Australian shares are poised to rise on Monday after US and Iranian officials agreed to a peace framework to end their conflict and reopen the Strait of Hormuz, triggering a sharp drop in oil prices and lifting global risk sentiment.On June 12, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.5%, 0.3%, and 0.7%, respectively.In the macroeconomy, investors are eyeing the Reserve Bank of Australia's interest rate decision on Tuesday.In corporate news, Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has increased its takeover offer to AU$5.10 per security from AU$4.75 and declared it "best and final."ASX (ASX:ASX) has settled Federal Court proceedings with the Australian Securities and Investments Commission (ASIC) over misleading 2022 statements about its Chess replacement project, admitting a breach of the ASIC Act and agreeing to pay AU$20.5 million in penalties plus AU$3 million in legal costs, subject to court approval.Telstra Group (ASX:TLS) is in focus as investors weigh its outlook after SpaceX's June 12 listing.Australia's benchmark index rose nearly 2% or 170.8 points to close at 8,804 on June 12.

ASX 200ASX:ALXASX:ASXASX:TLS
Asia

Atlas Arteria Says IFM Global Unit Raises Takeover Offer

Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has increased its takeover offer to AU$5.10 per security from AU$4.75 and declared it "best and final," according to a Monday filing with the Australian bourse.The revised offer represents a nearly 18% premium to the company's closing price on April 24.The bidder said it will not raise its offer unless a rival bid emerges and has committed not to buy securities above AU$5.10 for 12 months after close unless a competing offer arises, per the filing.The offer has been declared unconditional, subject only to specified prescribed occurrence conditions, with the bidder holding a 34.59% voting interest in the company, the filing said.The offer remains valid until June 25, unless extended, the filing added.

ASX:ALX
Asia

Atlas Arteria Says IFM Global Unit Extends Takeover Offer

Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has extended the offer period under its takeover bid by one week, setting a new closing date of June 25 unless further extended or withdrawn, according to an Australian bourse filing on Wednesday after market hours.The deadline for informing shareholders about the status of the offer conditions has therefore been extended to June 18, per the filing.The bidder has confirmed that multiple conditions, including key regulatory and approval requirements, have been waived or satisfied, the filing said.The offer now remains subject only to a reduced set of conditions: no market fall, no distributions, conduct of business, no prescribed occurrences, and no specified authorizations or agreements, the filing added.

ASX:ALX
Asia

Atlas Arteria Says IFM Global Unit Satisfies Key Regulatory Condition

Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has satisfied the European Union Foreign Subsidies Regulation approval condition for its takeover offer, fulfilling the regulatory approvals condition, according to a Tuesday filing with the Australian bourse.The bidder has waived several additional offer conditions under the Corporations Act, including requirements for regulatory approvals, concession-grantor clearances, change-of-control consents, and protections relating to material adverse changes, per the filing.The offer now remains subject only to a reduced set of conditions, including no market fall, no distributions, conduct of business, no prescribed occurrences, and no specified authorizations or agreements, the filing said.The bidder currently holds a 34.56% voting interest in the company, the filing added.

ASX:ALX
Asia

ASX Preview: Australian Shares Set to Rise; Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power

Australian shares are poised to rise on Friday as oil prices retreated sharply on easing Middle East supply fears after a reported Israel-Lebanon ceasefire raised hopes of wider diplomatic progress in the region despite ongoing uncertainty over flows through the Strait of Hormuz.Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.4% and 1.7%, respectively, while the Nasdaq Composite fell 0.1%.In the macroeconomy, investors are awaiting a speech by Reserve Bank of Australia Deputy Governor Andrew Hauser.Australia's labor account report is due at 11:30 am Sydney time.In corporate news, Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco, an IFM Global Infrastructure Fund subsidiary, for 100% of the stapled securities that it does not already own in the company.Australia's benchmark index fell 1.1% or 99.6 points to close at 8,686.10 on Thursday.

ASX 200ASX:ALXASX:BHPASX:FMGASX:RIO
Asia

Atlas Arteria Continues to Recommend that Shareholders Reject Off-Market Takeover Bid

Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco, an IFM Global Infrastructure Fund subsidiary, for 100% of the stapled securities that it does not already own in the company, according to a Friday filing with the Australian bourse.The independent directors unanimously recommend that shareholders reject the takeover offer at AU$4.75 per security and at AU$5.10 per security, the filing said.The bidder extended the offer period by one week to June 18, but did not otherwise change the offer, per the filing.

ASX:ALX
Asia

Atlas Arteria Says IFM Global Unit Extends Takeover Offer

Atlas Arteria (ASX:ALX) said IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 has extended the closing date of its takeover offer to June 18 from June 11, according to an Australian bourse filing on Wednesday after market hours.The bidder has also revised the statutory timetable, moving the notice on the status of offer conditions to June 11 from June 4, per the filing.The bidder confirmed that none of the offer conditions have been satisfied so far and the offer remains subject to all conditions set out in the bidder's statement, the filing added.

ASX:ALX
Asia

Atlas Arteria Continues to Reject IFM Global's Takeover Proposal

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.

ASX:ALX
Asia

ASX Preview: Australian Shares Set to Fall After Oil Jumps on Iran-US Tensions; Atlas Arteria Continues to Reject IFM Global's Takeover Proposal

Australian shares are poised to fall on Tuesday after oil prices jumped more than 4% on escalating Middle East tensions, including reports that Iran has halted indirect talks with the US and threats to disrupt shipping through the Strait of Hormuz.Sentiment was also dented by the escalating Israel-Lebanon conflict, as Israeli forces advanced deeper into Lebanon in their ongoing operations against Hezbollah.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.3%, 0.4%, and 0.1%, respectively.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 2.7 points to 68.8 in the week of May 25 to May 31, ANZ reported Tuesday.Australia's balance of payments and international investment position, building approvals, business indicators, and mineral and petroleum exploration reports are due at 11:30 am Sydney time.In corporate news, Atlas Arteria (ASX:ALX) issued a supplementary target statement that continues to recommend the rejection of a takeover bid by IFM Global Infrastructure Fund.Star Entertainment Group (ASX:SGR) secured a $390 million senior secured financing facility from WhiteHawk Capital Partners, strengthening liquidity and refinancing existing debt amid ongoing operational and financial pressures.Australia's benchmark index edged down 0.03% or 2.3 points to close at 8,729.40 on Monday.

ASX 200ASX:ALXASX:SGR
Asia

Atlas Arteria's Target Statement on Acquisition Proposal Risks Misleading Shareholders, IFM Global Says

Atlas Arteria's (ASX:ALX) target's statement related to IFM Global Infrastructure Fund's proposal to acquire the company contains a number of omissions and "unreasonable assumptions" that risk misleading shareholders, IFM said in a Monday filing with the Australian bourse.IFM Global unit Diamond Infraco 1 has proposed to acquire Atlas Arteria 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.An independent expert's report commissioned by Atlas treats the recently rejected right-of-first-offer price for Chicago Skyway toll road in the US as a market-based valuation, but should instead have included a risk-weighted valuation of Atlas' liability under the Ontario Teachers' Pension Plan put option, IFM Global argued.IFM said its proposed maximum consideration of AU$5.10 per security, if achieved, would deliver "full value for Chicago Skyway."The independent directors' belief that further value can be created via asset disposals or operational initiatives "is not credible," and Atlas' proposed use of a $1.2 billion bridge facility will raise financial risk, IFM said.Atlas Arteria did not immediately respond to a request for comment from.The company's shares gained nearly 2% in recent Monday trade.

ASX:ALX
Asia

Atlas Arteria Independent Directors Urge Security Holders to Reject Unsolicited IFM Takeover Bid in Target's Statement

Atlas Arteria's (ASX:ALX) independent directors urged its security holders in its target's statement to reject an unsolicited off-market cash takeover offer by Diamond Infraco 1, a wholly-owned unit of IFM Global Infrastructure Fund, saying "it is opportunistic and materially undervalues Atlas Arteria," according to a Tuesday Australian bourse filing.The directors' view was reinforced by the opinion of an independent expert, who concluded that the offer is neither fair nor reasonable.The target's statement was sent to Diamond Infraco and lodged with the Australian Securities and Investments Commission on Tuesday. The bidder offered the security holders AU$4.75 in cash per ALX Atlas Arteria security, less any distributions paid by the firm.Diamond Infraco expressed "strong disagreement" with the arguments brought forth by the independent directors of Atlas Arteria to support their recommendation that Atlas Arteria security holders reject the offer, according to its second supplementary bidder's statement.It confirmed that the EU merger control regulatory approval condition, as stated in the bidder's statement, was satisfied.

ASX:ALX
Asia

Atlas Arteria Says Takeovers Panel Declines to Launch Proceedings Over IFM Global's Disclosure Complaint

Atlas Arteria (ASX:ALX) said Australia's Takeovers Panel refused to launch proceedings against the company over a complaint by IFM Global Infrastructure Fund related to its disclosure of terms for the Chicago Skyway toll road, according to a Monday filing with the Australian bourse.IFM Global recently proposed to acquire the remaining Atlas Arteria securities it doesn't already own.The terms in question concerned a right of first offer and a put option in favor of the Ontario Teachers' Pension Plan, per the filing.The Takeovers Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances, noting that a target statement due to be released by Tuesday will include information regarding the potential sale of Chicago Skyway.If the target's statement fails to adequately address the disclosure concerns, a fresh application can be filed with the Takeovers Panel.

ASX:ALX
Asia

Atlas Arteria Reports Expiry of Chicago Skyway Right of First Offer Issued to Ontario Teachers' Pension Plan

Atlas Arteria (ASX:ALX) said the acceptance period for a right of first offer notice it recently issued to the Ontario Teachers' Pension Plan has expired, according to a Monday filing with the Australian bourse.The notice relates to Atlas Arteria's interest in the Chicago Skyway toll road in the US.The company said its independent directors will now explore opportunities for all or part of its Chicago Skyway interest.

ASX:ALX
Asia

Atlas Arteria Says Offer Period to Be Extended if IFM Meets Stake Threshold, But Doesn't Raise Price

Atlas Arteria (ASX:ALX) said the Australian Securities and Investments Commission granted relief to potentially extend the offer period in IFM Global Infrastructure Fund's proposed acquisition of Atlas, according to a Wednesday filing with the Australian bourse.In April, Atlas Arteria received an unsolicited proposal from IFM to acquire all the remaining securities it does not already own at AU$4.75 per share in cash, with the price due to increase to AU$5.10 per share if IFM obtains at least a 45% relevant interest before the offer closes.Under the granted relief, the offer period will be extended by 14 days if, within the last seven days of the period, IFM's relevant interest in Atlas increases to 45% or more and the price has not already been raised to AU$5.10.

ASX:ALX
Asia

Atlas Arteria Shares Inch Up After IFM Global Sends Application to Takeovers Panel

Atlas Arteria's (ASX:ALX) shares inched up 0.1% in recent trading on Wednesday after it said in a filing late on Tuesday that Australia's Takeovers Panel received an application from a unit of IFM Global Infrastructure Fund, regarding the affairs of Atlas Arteria and Atlas Arteria International, which are the subject of an off-market takeover bid by IFM Global.IFM Global holds a 34.48% staje in Atlas Arteria and currently has two nominee directors on the Atlas Arteria board. It is seeking to acquire 100% of the stapled securities in Atlas Arteria, which it does not already own. Atlas Arteria's independent directors decided to recommend that securityholders reject the offer.IFM Global submitted that it had no knowledge before the May 6 disclosure that Atlas Arteria had given the right of first offer notice in respect of its interest in Chicago Skyway.IFM Global is seeking final orders to the effect that Atlas Arteria immediately discloses to the market all of the information identified in the application in relation to the right of first offer, the potential sale of its interest in Chicago Skyway, and the put option in favor of Ontario Teachers, as well as that Atlas Arteria not dispose of any part of its 66.67% interest in Chicago Skyway during the offer period, without having first provided the applicant with at least 14 days' written notice of that proposed disposal.

ASX:ALX
Asia

Atlas Arteria Says Takeovers Panel Declines Interim Order to Block IFM Bidder's Statement

Atlas Arteria (ASX:ALX) said the Australian Takeovers Panel has declined its request for an interim order to restrain Diamond Infraco 1, a unit of IFM Global Infrastructure Fund, from dispatching its bidder's statement in its current form, pending the final determination of the panel proceedings, according to a Monday Australian bourse filing.The filing said the panel is still considering whether to conduct proceedings.Atlas Arteria's board recommended on May 6 that shareholders reject the unsolicited takeover offer from IFM, saying it materially undervalues the company, while also filing an application with the Takeovers Panel seeking to block IFM Global Infrastructure Fund from dispatching a bidder's statement related to its offer.

ASX:ALX
Asia

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

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.

ASX:ALX
Asia

Atlas Arteria Recommends Shareholders Reject Takeover Offer From IFM

Atlas Arteria's (ASX:ALX) board recommended shareholders reject an unsolicited takeover offer from IFM, saying it materially undervalues the company, according to a Wednesday filing with the Australian bourse.IFM's offer to acquire the remaining shares of Atlas at AU$4.75 each in cash "is too low" and subject to extensive conditions that might never be satisfied or waived, the company said, adding that some conditions "are already incapable of being satisfied."The offer is also opportunistic in its timing, and came just five days after Atlas issued a right of first offer notice in relation to its interest in the Chicago Skyway toll road, the company said.Atlas further pointed to structural deficiencies with both the offer and the disclosure in the bidder's statement, saying that IFM has refused to adequately address these issues."The offer is designed to accelerate IFM's creep to effective control of Atlas Arteria without paying a fair premium to securityholders," the company said.

ASX:ALX

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