Atlas Arteria Bidder Turns to Shareholders After Offer Rejected

Global infrastructure manager IFM Investors Pty is seeking to rally support from shareholders of Atlas Arteria Ltd. for its bid to acquire the toll road operator, a day after the Sydney-listed company rejected its unsolicited offer as being too low.

Shareholders have a “clear choice” to either back the offer or face a “highly uncertain future with ALX’s current strategy and poor track record,” IFM Investors said in a statement on Thursday. IFM is the biggest shareholder in Atlas Arteria, which trades under the ticker ALX.