Atlas Arteria chair Goodin steps down as IFM takes majority control

• Atlas Arteria (ASX:ALX) has lodged a sixth supplementary target’s statement again recommending securityholders reject IFM’s off‑market takeover offer
• The statement outlines risks the board sees from IFM’s majority voting power, while Debbie Goodin will retire as chair on 7 July 2026 with John Wigglesworth to become interim chair
• Atlas Arteria (ASX:ALX) says the Directors Representation Agreement with IFM will keep chairs and boards majority‑independent after the bid closes

Atlas Arteria (ASX:ALX) has lodged a sixth supplementary target’s statement with ASIC and ASX, reiterating its independent directors’ unanimous recommendation that securityholders reject IFM Global Infrastructure Fund’s off‑market cash offer for Atlas Arteria stapled securities.

The new document supplements earlier target’s statements and reflects IFM’s Diamond Infraco subsidiary now holding more than 50% voting power in Atlas Arteria, with the board stating it still views the A$5.10 per security offer as undervaluing the toll road portfolio compared with long‑term fundamentals.

“With the pending close of the IFM takeover offer and the Boards’ continued recommendation that securityholders reject the bid, it is crucial that we move swiftly to ensure that there is no distraction from Atlas Arteria’s focus on optimising performance and delivering value for all investors,” said Atlas Arteria Chair Debbie Goodin.

Atlas Arteria’s board committee says the sixth supplementary statement sets out further information on the potential risks and consequences of IFM’s majority ownership, including uncertainties around future value realisation for remaining securityholders, and advises investors who wish to reject the bid to ignore IFM’s offer documents.

The company has confirmed that Ms Goodin will retire as independent chair of Atlas Arteria Limited and as an independent director of Atlas Arteria International Limited on 7 July 2026, the scheduled closing date of IFM’s offer, with existing independent director and audit committee chair John Wigglesworth to become interim chair and join the international board.

Atlas Arteria says the Directors Representation Agreement signed with IFM in 2024 requires IFM not to take actions that would prevent compliance with ASX corporate governance principles, including maintaining independent chairs at both entities and ensuring each board, individually and together, retains a majority of independent non‑executive directors after the bid closes.

Atlas Arteria continues to highlight its international toll road interests in France, Germany and the United States as the core of its long‑term value proposition, including stakes in APRR and AREA, the Chicago Skyway, Dulles Greenway and Warnow Tunnel, and says it will keep engaging with securityholders as IFM’s offer period runs to 7 July 2026.

At the time of reporting Atlas Arteria (ASX:ALX) share price was at $5.10.