Takeovers Panel Declines IFM Application in Atlas Arteria Takeover Dispute
Atlas Arteria Limited (ASX: ALX) has received a favourable development in its ongoing takeover battle after the Australian Takeovers Panel declined to conduct proceedings regarding an application lodged by Diamond Infraco 1 Pty Ltd, a wholly owned subsidiary of IFM Global Infrastructure Fund. The application related to disclosure concerns surrounding governance arrangements tied to Atlas Arteria’s majority ownership of the Chicago Skyway toll road asset.
The Panel considered whether Atlas Arteria had adequately disclosed details associated with a Right of First Offer (ROFO) notice and a put option held by Ontario Teachers’ Pension Plan Board under the Chicago Skyway Shareholders Agreement. However, the Panel concluded there was no reasonable prospect of declaring unacceptable circumstances at this stage and noted that Atlas Arteria’s upcoming target’s statement is expected to address the relevant disclosure matters.
The Panel also viewed IFM’s claims regarding potential frustrating actions as premature, given there was no immediate indication of a proposed third-party sale of Atlas Arteria’s Chicago Skyway interest. The decision allows the takeover process to continue without further proceedings at this stage.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Takeovers Panel Declines IFM Application in Atlas Arteria Takeover Dispute
Atlas Arteria Limited (ASX: ALX) has received a favourable development in its ongoing takeover battle after the Australian Takeovers Panel declined to conduct proceedings regarding an application lodged by Diamond Infraco 1 Pty Ltd, a wholly owned subsidiary of IFM Global Infrastructure Fund. The application related to disclosure concerns surrounding governance arrangements tied to Atlas Arteria’s majority ownership of the Chicago Skyway toll road asset.
The Panel considered whether Atlas Arteria had adequately disclosed details associated with a Right of First Offer (ROFO) notice and a put option held by Ontario Teachers’ Pension Plan Board under the Chicago Skyway Shareholders Agreement. However, the Panel concluded there was no reasonable prospect of declaring unacceptable circumstances at this stage and noted that Atlas Arteria’s upcoming target’s statement is expected to address the relevant disclosure matters.
The Panel also viewed IFM’s claims regarding potential frustrating actions as premature, given there was no immediate indication of a proposed third-party sale of Atlas Arteria’s Chicago Skyway interest. The decision allows the takeover process to continue without further proceedings at this stage.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au