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.
