Atlas Arteria (ALX AU): IFM's Offer Now Open; Taps Panel Over OTPP's ROFO

• On the 6th May, Atlas Arteria (ALX AU) declared IFM’s Offer to be low, opportunistic, and highly conditional. And tapped the Takeovers Panel to resolve concerns regarding the Offer structure.

• The Panel subsequently declined to make interim orders, without elaboration. IFM was now free to dispatch its Bidder’s Statement, which it has now down. The Offer is open for tendering.

• Not to be outdone, IFM has lodged its own Panel application, specifically centred on Chicago Skyway’s right of first offer involving Ontario Teachers.

The Trade:

• IFM’s Panel application has merit. Although within its rights to do so, Atlas’ obfuscating on the ROFO is unprofessional. And timing is curious.

• The 45% acceptance threshold remains doable in this hostile situation.

• If not in, I’d be picking up shares and on weakness.