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Highlights
- Atlas Arteria rejects IFM Global Infrastructure’s request for non-public information on its assets.
- IFM wanted access before submitting a formal proposal to acquire more of Atlas Arteria securities.
- ALX share price has gained more than 13% in last five trading days.
Toll road operator, Atlas Arteria (ASX:ALX), has rejected IFM Global Infrastructure’s request for accessing non-public and confidential information related to its assets. IFM was requesting for information from Atlas for developing a formal takeover proposal.
Atlas had announced on 8 June 2022, that IFM has obtained around 15% interest in Atlas securities. As per the ASX release, IFM was also seeking additional information for developing a formal acquisition proposal on additional securities of Atlas.
IFM had also stated its intention to request access to certain limited company information from Atlas. IFM wanted to have access to the information before submitting a formal non-binding indicative proposal to acquire all of Atlas Arteria securities owned by others. Atlas Arteria has subsequently received a request from IFM for accessing certain information, including non-public and confidential information. However, Atlas has not yet received any proposal to acquire additional securities.
As a result, the board of Atlas Arteria has considered IFM’s request and have decided not to provide any non-public information at present. Meanwhile, Atlas Arteria has offered to provide IFM an opportunity to meet its senior management to discuss the selected topics on which it is willing to provide information publicly. According to Atlas Arteria such a practice is consistent with its past dealings with large institutional security holders. Atlas Arteria has also appointed UBS as financial adviser and Gilbert Tobin as legal adviser for this matter.
On the other hand, IFM has indicated that any proposal submitted by it would be subject to a satisfactory due diligence completion, amongst other things. Since Atlas Arteria has not yet received any such request or any proposal from IFM, it has declared uncertainty of any such acquisition proposal being made by IFM. Atlas Arteria has in line also advised securityholders not to take any action in relation to the related announcements.
Has Atlas Arteria share price reacted?
Though Atlas Arteria securityholders are advised not to react to any news related to IFM’s security acquisition, ALX share price has gained over 13% in last five trade days on ASX.
Near term share price performance of ALX
Image Source-© 2022 Kalkine Media ®
Notably, the share has given a 19% price return in last 30 days while moving up over 23% in six months. The company as of date, has a market capitalisation of AU$7.81 billion on the ASX.
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