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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
Asia

ASX Preview: Australian Shares Set to Rise as Iran-US Ceasefire Holds; DPM Metals Posts Higher Q1 Adjusted Earnings, Revenue

Australian shares are poised to rise on Wednesday as easing fears over Middle East supply disruptions and signs of a still-contained Iran-US ceasefire helped steady global risk sentiment, even as tensions around the Strait of Hormuz and intermittent strikes continued to keep energy markets on edge.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.8%, 1%, and 0.7%, respectively.In the macroeconomy, Australia's industry activity remained in contraction in April despite a 9.8 point rebound, as persistent weakness in manufacturing and construction and rising fuel-driven cost pressures outweighed early signs of stabilization in orders and employment, Australian Industry Group said on Wednesday.In corporate news, DPM Metals (ASX:DPM) reported Wednesday first quarter adjusted earnings of $0.76 per basic share on revenue of $310.4 million, compared with adjusted earnings of $0.32 on revenue of $144.1 million a year earlier.Atlas Arteria's (ASX:ALX) independent directors have unanimously urged shareholders to reject IFM's takeover offer, calling it opportunistic, highly conditional, and a material undervaluation of the company's assets and long-term value.Australia's benchmark index fell 0.2% or 16.6 points to close at 8,680.50 on Tuesday.

ASX 200ASX:ALXASX:DPM
Asia

Atlas Arteria Says IFM Global's Takeover Offer Will Not Open Before May 11

Atlas Arteria (ASX:ALX) said an unsolicited takeover offer from IFM Global Infrastructure Fund will not open before May 11 at the earliest, and once it does, it will remain open for at least a month, according to a Friday filing with the Australian bourse.IFM owns about 35% of the issued shares of Atlas Arteria and has proposed to acquire the remaining interest at AU$4.75 per share in cash. The price may increase to AU$5.10 per share if IFM obtains at least a 45% interest before the offer closes.In a letter to its shareholders, Atlas Arteria warned that the proposal is subject to many conditions that might not be satisfied. It also cautioned that shareholders would receive the lower price if IFM's relevant interest threshold is not achieved prior to closing.Atlas Arteria has created an independent board committee to evaluate the proposal and will provide a recommendation to shareholders in due course, it said.

ASX:ALX
Asia

Australian Shares Flat; Atlas Arteria Receives Unsolicited Takeover Bid From IFM

Australian shares were flat with a negative bias at Monday's close as the critical Strait of Hormuz in the Middle East continued to be blocked.The S&P/ASX 200 Index was little changed to close at 8,766.40.Brent crude oil futures gained 1.2% to reach $106.57 per barrel. US President Donald Trump cancelled a trip to Islamabad, Pakistan, ​by US envoys for talks with Iran over the weekend. Iran gave the US a new proposal for reaching a deal on reopening the Strait and ending the war, Axios reported.In company news, Atlas Arteria (ASX:ALX) has received an unsolicited off-market takeover proposal from IFM to acquire all remaining securities it does not already own at AU$4.75 per share in cash. IFM has indicated that the offer price may increase to AU$5.10 per share if it obtains at least a 45% relevant interest before the offer closes, subject to certain "best and final" conditions. Its shares jumped 13% on market close.Megaport's (ASX:MP1) wholly-owned unit, Latitude.sh, signed a 36-month contract with a new US-based customer, with a total value of around $25.1 million, representing around $8.4 million in annualized recurring revenue. Its shares closed up 5%.Lastly, Origin Energy (ASX:ORG) reported March quarter production of 164.5 petajoules, down from 167.1 petajoules a year earlier. The company reported commodity revenue of AU$1.86 billion for the quarter, down from AU$ 2.31 billion a year ago. Its shares were down over 5% on market close.

ASX 200ASX:ALXASX:MP1ASX:ORG
Asia

Update: Atlas Arteria Receives Unsolicited Takeover Bid From IFM; Shares Up 14%

(Updates to add stock movement in the headline and last paragraph)Atlas Arteria (ASX:ALX) has received an unsolicited off-market takeover proposal from IFM to acquire all remaining securities it does not already own at AU$4.75 per share in cash, a roughly 10% premium to the company's last closing price, according to a Monday filing with the Australian bourse.IFM has indicated that the offer price may increase to AU$5.10 per share if it obtains at least a 45% relevant interest before the offer closes, subject to certain "best and final" conditions, per the filing.The offer is subject to several conditions, including required third-party consents and approvals, which may or may not be met, the filing said.The company's board has established an independent board committee to assess the proposal, and shareholders are advised to take no action, the filing added.The company's shares jumped nearly 14% in Monday trading after briefly being suspended earlier in the day.

ASX:ALX
Asia

Atlas Arteria Receives Unsolicited Takeover Bid From IFM

Atlas Arteria (ASX:ALX) has received an unsolicited off-market takeover proposal from IFM to acquire all remaining securities it does not already own at AU$4.75 per share in cash, a roughly 10% premium to the company's last closing price, according to a Monday filing with the Australian bourse.IFM has indicated that the offer price may increase to AU$5.10 per share if it obtains at least a 45% relevant interest before the offer closes, subject to certain "best and final" conditions, per the filing.The offer is subject to several conditions, including required third-party consents and approvals, which may or may not be met, the filing said.The company's board has established an independent board committee to assess the proposal, and shareholders are advised to take no action, the filing added.The company's securities will be temporarily suspended from trading on the Australian Securities Exchange.

ASX:ALX
Asia

Atlas Arteria Posts Mixed Q1 Results, But 'Stronger' Than Implied, Jefferies Says

Atlas Arteria (ASX:ALX) had a mixed first quarter, but the result is "stronger" than implied, Jefferies said in a Tuesday note.The company recently reported a 0.1% increase in proportionate toll revenue for the three months ended March 31, compared with the same period last year, or 1.6% excluding the headwind of foreign exchange.Management has not observed a major effect of rising fuel prices on traffic, although weather conditions in North America are influencing first-quarter traffic volumes, the financial services firm said.Heavy vehicle traffic growth in France partially offset weaker light vehicle traffic, while the Chicago Skyway in Illinois experienced the reverse trend.Meanwhile, the Dulles Greenway in Virginia and the A79 in France continued their strong performance.Traffic and revenue numbers showed mixed results, but there are positive signs in France and Virginia, countered by the stronger Australian dollar, Jefferies said.Jefferies maintained its buy recommendation and lowered its price target to AU$5.43 from AU$5.56 on Atlas Arteria.

ASX:ALX
Asia

Atlas Arteria Posts 0.1% Increase in Proportionate Toll Revenue for March Quarter

Atlas Arteria (ASX:ALX) reported a 0.1% increase in proportionate toll revenue for the three months ended March 31, compared with the same period last year, following mixed traffic performance, according to a Tuesday filing with the Australian bourse.Heavy vehicle traffic growth in France partially offset weaker light vehicle traffic, while the Chicago Skyway experienced the reverse trend, the filing said.Meanwhile, the Dulles Greenway and the A79 continued their "strong" performance, per the filing.

ASX:ALX
Asia

Atlas Arteria Says BlackRock Increases Stake

Atlas Arteria (ASX:ALX) said BlackRock Group and its subsidiaries have increased their stake in the company on April 9 to 7.12% or 103.5 million shares from 6.07% or 88.1 million shares, according to a Monday Australian bourse filing.

ASX:ALX

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