IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Atlas Arteria (ALX AU): Target’s Statement Makes Good and Bad Points

Atlas Arteria (ALX AU): Patience Runs Out as IFM Launches a Takeover Offer

Atlas Arteria (ALX AU): Unsurprising Rejection but Surprising Potential Skyway Sale

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>IFM has responded to <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> Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.</li>
<li>IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.</li>
<li>By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. </li>
</ul>


IFM has responded to Atlas Arteria (ALX AU) Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.
IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.
By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. 


Atlas Arteria (ALX AU): IFM Comes Out Swinging