2207 GMT - IFM's decision not to engage with Atlas Arteria before making a takeover offer puzzles Jefferies. IFM is offering A$4.75/security in cash. But this could rise to A$5.10/security if IFM secures a relevant interest of 45% or more before the offer closes. It already owns some 35% of Atlas Arteria's stock. Analyst Anthony Moulder says it's an approach made only by those that are hostile from the outset. "We can appreciate IFM's patience has been tested given the performance of the security price of Atlas Arteria over the last few years, starting with the raising for the acquisition of the majority of Chicago Skyway," Jefferies says. "But the lack of engagement is perplexing." It views the offer as opportunistic. It's below Jefferies's A$5.43 price target and doesn't represent a premium for control. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 03, 2026 18:07 ET (22:07 GMT)

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