Australian Toll Operator Atlas Arteria Rejects Biggest Shareholder’s $5.3 Billion Takeover Bid

Sydney-listed toll road operator Atlas Arteria Ltd. rejected a takeover bid from its biggest shareholder IFM Investors Pty, saying the bid was too low.

“This hostile, highly conditional takeover offer from IFM is opportunistic and materially undervalues Atlas Arteria,” Chair Debbie Goodin said in a statement Wednesday. “The offer is designed to accelerate IFM’s creep.”