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

Merger Arb Mondays (11 May) - Altas, European Lithium, Atlantic Lithium, Vault, Emmerson, Shengmu

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

Atlas Arteria (ALX AU): IFM Comes Out Swinging

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

Atlas Arteria in the Crosshairs of IFM Investors

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <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> Board has urged shareholders to reject IFM’s offer as “<em>it is too low, opportunistic and highly conditional</em>” and made an application to the Takeovers Panel.</li>
<li>The surprise disclosure of a potential Skyway sale provides an alternative. On 22 April, Atlas issued an ROFO to OTPP at a price in line with the 2022 acquisition price. </li>
<li>Skyway will struggle to attract bidders at the 2022 price, given its weak performance and high implied multiple. The satisfaction of the maximum offer acceptance threshold remains possible.</li>
</ul>


The Atlas Arteria (ALX AU) Board has urged shareholders to reject IFM’s offer as “it is too low, opportunistic and highly conditional” and made an application to the Takeovers Panel.
The surprise disclosure of a potential Skyway sale provides an alternative. On 22 April, Atlas issued an ROFO to OTPP at a price in line with the 2022 acquisition price. 
Skyway will struggle to attract bidders at the 2022 price, given its weak performance and high implied multiple. The satisfaction of the maximum offer acceptance threshold remains possible.


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