CANBERA (dpa-AFX) - Atlas Arteria Limited (ALX.AX) an owner, operator and developer of toll roads, said Monday it received an unsolicited off-market takeover offer from IFM to acquire all securities it does not already own for A$4.75 cash per security.
On the ASX, shares of Atlas Arteria Limited were gaining 13.39 percent, trading at A$4.9100.
The offer price represents a premium of 10% based on the last closing security price.
IFM would lift the price to A$5.10 per security if its relevant interest in Atlas Arteria reaches 45 percent or more before the offer closes.
The offer was sent through a Bidder's Statement with details of the takeover offer, which is subject to a number of conditions.
IFM labeled the offer 'best and final', and it made no prior communication to Atlas Arteria before sending the Bidder's Statement.
Atlas Arteria urged shareholders not to take any action now as the firm is forming an Independent Board Committee to consider and evaluate the Offer.
UBS and Flagstaff have been appointed as financial advisers and Mallesons as legal adviser for the Offer.
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