Australian Toll Operator Surges on Takeover Bid at A$7.4 Billion Valuation

IFM Investors Pty. has launched a takeover bid for toll road operator Atlas Arteria Ltd., arguing the Sydney-listed group it already partly owns has underperformed on returns, strategy and operations.

The asset manager is offering A$4.75 ($3.39) a share in cash, rising to A$5.10 if acceptances combined with its existing holding take its stake to 45%, according to a statement from IFM Monday. IFM, which is backed by Australian pension funds, already owns 34% of Atlas Arteria, according to data compiled by Bloomberg.