IFM Investors has launched a blistering counter-attack against its takeover target, toll road operator Atlas Arteria (ASX:ALX), branding an independent expert report used to block its $7 billion hostile bid as "unbalanced, selective, and misleading".
The escalations follow a formal target's statement issued last week, in which the Atlas Arteria board rejected IFM’s $4.75-per-share cash offer, characterising the approach as "too low, opportunistic, and highly conditional".
That rejection relied heavily on a valuation from independent expert Kroll, which assessed the company’s fair control value higher, between $5.39 and $6.20 per share.
However, in a third supplementary bidder’s statement lodged early Monday morning, IFM—which already commands a powerful 35% blocking stake in the toll road giant—hit back aggressively.
The infrastructure specialist claimed Kroll’s valuation framework was compromised by "a number of omissions and unreasonable assumptions".
IFM took direct aim at the board's defence strategy, dismissing claims that Atlas Arteria could unlock superior value for shareholders independently through strategic asset sales or new operational initiatives as "not credible".
IFM cautioned investors that its patience is limited, warning that the current proposal represents a rare window for certain liquidity.
"The offer represents a limited opportunity to realise cash-certain value," IFM stated, emphasising that its maximum consideration is now "best and final" unless a rival suitor emerges.
At the time of reporting, Atlas Arteria’s share price was $5.02.
