Atlas Arteria (ASX:ALX) provides an update on IFM deal

Atlas Arteria (ASX:ALX) has rejected a request from IFM Global Infrastructure Fund (IFM) to access non-public and confidential information about the company and its assets for the purpose of developing a formal takeover proposal.

This comes after IFM obtained a 15 per stake on Wednesday, and then stated its intention to access certain information before deciding whether to submit a non-binding proposal to acquire all shares in Atlas Arteria that it does not already own. 

Atlas Arteria said it had received the request from IFM, but it didn’t include any proposal from IFM to acquire additional shares in Atlas Arteria.

However, Atlas Arteria has offered to provide IFM with the opportunity to meet with senior management to discuss selected topics on the basis of publicly available information.

Atlas said this was consistent with the company’s past practice in its dealings with large institutional security holders.

Shares last traded at $8.15.