Atlas Arteria (ASX:ALX) has acknowledged the Seventh Supplementary Bidder’s Statement issued by Diamond Infraco, part of IFM, which details an increased offer for the toll road operator. Atlas Arteria partners to deliver world-class road experiences, creating long-term value for its stakeholders through considered and disciplined management and sustainable business practices, operating toll road businesses in France, Germany, and the United States. Despite the updated proposal, Atlas Arteria continues to recommend that its securityholders reject the offer.
The latest statement from IFM confirms an increased offer of $5.10 per security and the waiver of some, though not all, of its original offer conditions. Atlas Arteria also noted recent press speculation in The Australian Financial Review regarding IFM Investors’ intention to increase its stake by 10% via an “on-market raid”. The company explicitly stated it reserves all rights, including the option to take action in the Takeovers Panel, should any such raid involve the use of stock borrow for “short selling” to the bidder or into the offer.
Atlas Arteria maintains its recommendation for securityholders to reject IFM’s offer, asserting that the proposal remains “too low” and “materially undervalues” the company. The board believes that IFM is not offering an appropriate premium for control. Securityholders are reminded that the offer is scheduled to close at 7pm on 25 June 2026, unless it is extended. As the offer remains conditional, Atlas Arteria advises that there is no immediate need for a decision, with securityholders assured of at least seven days’ notice for any extension. Atlas Arteria plans to release a formal Supplementary Target’s Statement in response to these recent developments.
