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Atlas Arteria (ASX: ALX) has once again urged shareholders to reject a revised takeover proposal from IFM Global Infrastructure Fund, arguing that the latest offer still fails to reflect the true value of the Australian toll road operator.
On Monday, IFM Global increased its acquisition bid to A$5.10 per share from its previous offer of A$4.75 per share, valuing Atlas Arteria at approximately A$7.4 billion (US$5.23 billion). Despite the higher proposal, Atlas maintained that the offer significantly undervalues the company’s long-term growth prospects, infrastructure assets, and future earnings potential.
IFM described the revised bid as its “best and final” offer, signaling that it does not intend to further increase the purchase price. However, Atlas’ board remains unconvinced, reiterating its recommendation that shareholders take no action regarding the proposal.
The latest development follows Atlas Arteria’s rejection of IFM’s earlier bid. The company has consistently argued that its portfolio of toll road assets and strategic infrastructure investments justify a higher valuation. Atlas also cautioned IFM against pursuing a hostile takeover strategy after reports emerged that the infrastructure investor was considering an “on-market raid” to increase its ownership stake in the company.
Market reaction to the announcement was relatively muted. Atlas Arteria shares gained 0.6% during Monday’s trading session, underperforming the broader Australian market. In comparison, the benchmark S&P/ASX 200 index advanced 1.3%.
The ongoing takeover battle has attracted significant attention from investors across Australia’s infrastructure sector. Analysts believe the dispute highlights differing views on the value of major transport infrastructure assets amid growing demand for stable, long-term investment opportunities.
As the situation develops, shareholders will closely monitor whether IFM maintains its current position or explores alternative strategies to secure a larger stake in Atlas Arteria. For now, the company remains firm in its stance that the A$7.4 billion takeover offer does not adequately compensate investors for the value of its business.
