Toll road operator Atlas Arteria has rejected an increased cash takeover bid from its largest shareholder, IFM Investors, arguing that the A$7.4bn (€4.5bn) offer materially undervalues the company and its assets across France, Germany and the US.
IFM, which holds a 35.68% stake in Atlas Arteria, has made a seventh bid of A$5.10 per share through its investment vehicle, Diamond Infraco. This is an increase from the A$4.75 per security cash offer made in April.
IFM said the offer price of A$5.10 per Atlas Arteria security is “best and final, and will not be increased in the absence of a competing proposal” for Atlas Arteria.
In response, Atlas Arteria urged securityholders reject the proposal, branding it “too low” and arguing it fails to pay an “appropriate premium for control”.
Atlas Arteria also noted media speculation of a potential 10% “on-market raid” by IFM, and warned that if this raid involves using borrowed shares to short-sell into the offer, Atlas Arteria is ready to take the matter to the Takeovers Panel.
IFM’s offer will not close until 25 June 2026 unless extended.
Atlas Arteria owns a 30.8% interest in the 2,424km motorway network located in France and a 100% of the Warnow Tunnel in the north-east city of Rostock in Germany. Its assets in the US include a 66.67% interest in the Chicago Skyway, in Chicago and has 100% of the economic interest in the Dulles Greenway, a 22km toll road in Virginia.
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