IFM Investors secures 67% Atlas Arteria stake

• IFM Investors finalised its takeover offer for Atlas Arteria, achieving a 67.43% majority stake despite board opposition.
• Atlas Arteria shares remained steady at $5.10 while the company experienced an immediate shake-up of its leadership board.
• The infrastructure firm will focus on optimising investor value and identifying a permanent independent chairperson.

IFM Investors finalised its takeover of Atlas Arteria (ASX:ALX) overnight, securing a 67.43% stake in the firm.

The global fund manager built this position from an initial 35% stake despite continuous board recommendations to reject it.

"We are entering a crucial period for Atlas Arteria," said Atlas Arteria interim chair John Wigglesworth.

The closing of the offer triggered the retirement of chairperson Debbie Goodin and several committee leadership reshuffles.

Following the announcement, the Atlas Arteria share price was unchanged at $5.10.

Atlas Arteria stated the boards have accelerated the process to identify a new independent chairperson.

The infrastructure company operates global toll roads, including assets across France, Germany, and the United States.