Atlas Arteria (ALX AU) Stomps On IFM's "Opportunistic" Offer
After IFM launched a A$4.75/share offer for Atlas Arteria (ALX AU), increasing to A$5.10/share IF it secures 45%, I thought Atlas may reject terms, but ultimately would be supportive.
I was wrong. In a strongly worded rebuttal, Atlas has declared the Offer to be too low, opportunistic, and highly conditional.
Specifically, Altas unpicks the conditions to the Offer which “seek to constrain Directors and management from running the business“.
The Trade:
Today’s muted reaction to the rejection is indicative.
I’d be picking up share here and on any weakness.
I highly doubt IFM goes hostile.
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