Latest News

IFM Global offers a 'best and last' bid of $5.2 billion for Australia's Atlas Arteria

IFM Global Infrastructure Fund increased its bid to takeover 'Australia's Atlas Arteria a week ago, to A$7.40bn ($5.24bn). It called the revised offer its 'best and final proposal. IFM raised its offer for Atlas Arteria to A$5.10 from A$4.75. Atlas had rejected the previous bid a month earlier, calling it opportunistic.

Atlas's bid price was announced at the end of April. The new offer represents a 17.8% increase.

Atlas shares were up 0.4% to A$2.82 at 0015 GMT while the benchmark index rose 1.3%.

The toll operator stated that a'report by an independent expert' also concluded the offer wasn't fair or reasonable.

IFM's'statement' on Monday said that Atlas' independent directors' claims, 'that more value can be created by asset sales' are 'dishonest'.

(source: Reuters)