Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Kroll's "NOT Fair BUT Reasonable" conclusion was subject to scrutiny from the onset given the lower level of its fair value range was just 6% above IFM's top-end Offer price. </li>
<li>After media flagged an expected rebuttal, IFM's supplementary bidder's statement, not surprisingly, flags a "numbers of omissions and unreasonable assumptions" with the Target Statement. </li>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> has now issued a supplementary Target Statement, which appears rushed, and adds little to valuation discussions. </li>
</ul>


Kroll's "NOT Fair BUT Reasonable" conclusion was subject to scrutiny from the onset given the lower level of its fair value range was just 6% above IFM's top-end Offer price. 
After media flagged an expected rebuttal, IFM's supplementary bidder's statement, not surprisingly, flags a "numbers of omissions and unreasonable assumptions" with the Target Statement. 

Atlas Arteria (ALX AU) has now issued a supplementary Target Statement, which appears rushed, and adds little to valuation discussions. 


Atlas Arteria (ALX AU): IFM Advances Offer Benefits & ALX's Tepid Response

<ul>
<li>A lot to unpack: the Panel declines IFM's application; the Skyway ROFO has expired; and the Target Statement is now out - the IE says NOT fair and NOT reasonable.</li>
<li>The ROFO expiration should come as no surprise. Nor should the IE conclusion. IFM's independent directors previously issued a <a href="https://announcements.asx.com.au/asxpdf/20260506/pdf/06z8zrlbwr8xht.pdf" target="_blank" rel="noopener">strongly worded rebuttal</a> to IFM's Offer<a href="https://announcements.asx.com.au/asxpdf/20260506/pdf/06z8zrlbwr8xht.pdf" target="_blank" rel="noopener">.</a>
</li>
<li>A key tenant of IFM's Offer evolves around the Skyworth put option: would/will IFM waive the put condition; or Ontario Teachers’ Pension Plan (OTPP) irrevocably waives its right to put?</li>
</ul>


A lot to unpack: the Panel declines IFM's application; the Skyway ROFO has expired; and the Target Statement is now out - the IE says NOT fair and NOT reasonable.
The ROFO expiration should come as no surprise. Nor should the IE conclusion. IFM's independent directors previously issued a strongly worded rebuttal to IFM's Offer.

A key tenant of IFM's Offer evolves around the Skyworth put option: would/will IFM waive the put condition; or Ontario Teachers’ Pension Plan (OTPP) irrevocably waives its right to put?


Atlas Arteria (ALX AU): The IE Says NOT Fair & Reasonable. All Eyes On Skyway's Put Option

<ul>
<li>On the 6th May, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> declared IFM's Offer to be low, opportunistic, and highly conditional. And tapped the Takeovers Panel to resolve concerns regarding the Offer structure.</li>
<li>The Panel subsequently declined to make interim orders, without elaboration. IFM was now free to dispatch its Bidder's Statement, which it has now down. The Offer is open for tendering.</li>
<li>Not to be outdone, IFM has lodged its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers.</li>
</ul>


On the 6th May, Atlas Arteria (ALX AU) declared IFM's Offer to be low, opportunistic, and highly conditional. And tapped the Takeovers Panel to resolve concerns regarding the Offer structure.
The Panel subsequently declined to make interim orders, without elaboration. IFM was now free to dispatch its Bidder's Statement, which it has now down. The Offer is open for tendering.
Not to be outdone, IFM has lodged its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers.


Atlas Arteria (ALX AU): IFM's Offer Now Open; Taps Panel Over OTPP's ROFO

<ul>
<li>After IFM launched a A$4.75/share offer for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, increasing to A$5.10/share IF it secures 45%, I thought Atlas may reject terms, but ultimately would be supportive.</li>
<li>
I was wrong. In a strongly worded <a href="https://announcements.asx.com.au/asxpdf/20260506/pdf/06z8zrlbwr8xht.pdf" target="_blank" rel="noopener">rebuttal</a>, Atlas has declared the Offer to be too low, opportunistic, and highly conditional. </li>
<li>Specifically, Altas unpicks the conditions to the Offer which "seek to constrain Directors and management from running the business".</li>
</ul>


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".


Atlas Arteria (ALX AU) Stomps On IFM's  "Opportunistic" Offer

<ul>
<li>On the 8th June 2022, IFM Global Infrastructure announced a 15% stake <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, a US/Europe toll-road play, and subsequently floated a NBIO, which ultimately came to nought.</li>
<li>IFM continued to accumulate shares, and on the 17th November 2025, announced it had added 2.48%, and held 35.03%.</li>
<li>IFM has now launched a A$4.75/share Offer cash Offer, increasing to A$5.10/share (best &amp; final) IF it secures 45%, or more, of shares out. Atlas may still reject terms.</li>
</ul>


On the 8th June 2022, IFM Global Infrastructure announced a 15% stake Atlas Arteria (ALX AU), a US/Europe toll-road play, and subsequently floated a NBIO, which ultimately came to nought.
IFM continued to accumulate shares, and on the 17th November 2025, announced it had added 2.48%, and held 35.03%.
IFM has now launched a A$4.75/share Offer cash Offer, increasing to A$5.10/share (best &amp; final) IF it secures 45%, or more, of shares out. Atlas may still reject terms.


Atlas Arteria (ALX AU): IFM Makes Its Move

Indonesia

PT Tunas Ridean Tbk is an Indonesia-based company primarily engaged in automotive distribution and dealership, offering five major automotive brands including Toyota, Daihatsu, BMW, Peugeot, and Honda motorcycles. The company also provides financial and rental services, as well as sales of used cars. It was established on June 14, 1980, and is headquartered in Jakarta Selatan, Indonesia.

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Tunas Ridean (TURI IJ)

Atlas Arteria (ALX AU): IFM Advances Offer Benefits & ALX's Tepid Response

As IFM ups its stake to 56.15%, Atlas Arteria (ALX AU) sticks to its guns., urging shareholders to hold their stock. Next close is the 7th July.

David Blennerhassett

Atlas Arteria (ALX AU): The IE Says NOT Fair & Reasonable. All Eyes On Skyway's Put Option

Intriguing situation. The 45% acceptance threshold remains doable despite a hostile situation and considerable IE/IBC pushback. If not in, I'd be...

David Blennerhassett

Atlas Arteria (ALX AU): IFM's Offer Now Open; Taps Panel Over OTPP's ROFO

IFM's Panel application has merit. Atlas' obfuscating on the ROFO is unprofessional. The 45% acceptance threshold remains doable. If not in, I'd be...

David Blennerhassett

Atlas Arteria (ALX AU) Stomps On IFM's "Opportunistic" Offer

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.

David Blennerhassett

Atlas Arteria (ALX AU): IFM Makes Its Move

Atlas boasts low risk, stable yielding, toll road assets. There are little to no viable options, in size, in Australia's listed infrastructure...

David Blennerhassett

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