A request from IFM Investors’ Global Infrastructure Fund for non-public and confidential information has been refused by Atlas Arteria (ASX: ALX).
IFM had sought the information to help it decide whether to submit a non-binding indicative proposal to acquire all the shares in Atlas Arteria it does not already own.
Before making the request for information on 9 June, IFM had built about a 15% interest in the company. IFM lifting its holding substantially after the ASX closed on 7 June buying at $8.10 a share from various vendors through broker Jarden.
IFM’s move lifted Atlas Arteria’s share price 16.5% from $7.08 to $8.25 on 8 June. The shares were trading around $8.15 in intra-day trading on 10 June.
In a 10 June ASX announcement, Atlas Arteria said it had considered IFM’s request and decided not to provide information “at this time”.
However, the company had “offered to provide IFM with the opportunity to meet with senior management to discuss selected topics on the basis of publicly available information”.
In an 8 June announcement, Atlas Arteria said IFM had indicated any proposal it might submit would be subject to, amongst other things, satisfactory completion of due diligence.
In the 10 June announcement, Atlas Arteria said IFM had not provided it with any proposal to acquire additional shares in the company.
Atlas Arteria has appointed UBS as its financial adviser and Gilbert + Tobin as its legal adviser following IFM’s approach.
Atlas Arteria is a global owner, operator, and developer of toll roads.
The group currently comprises four businesses: a 31.14% interest in the APRR group and the smaller ADELAC toll road business in France; 100% of the Dulles Greenway toll road in Virginia in the US; and 100% of the Warnow Tunnel in Rostock in north-eastern Germany.
IFM Investors is owned by a group of Australia’s largest superannuation funds but its Global Infrastructure Fund also invests on behalf of other overseas institutional investors.