IFM's Takeover Offer
IFM Takeover Offer
The IFM Takeover Offer closed at 7:00pm (Sydney) on 7 July 2026.
Announcements
- Close of the IFM Takeover Offer, 8 July 2026
- Atlas Arteria's Seventh Supplementary Target's Statement, 3 July 2026
- Atlas Arteria's Sixth Supplementary Target's Statement, 29 June 2026
- Atlas Arteria update on Takeover Offer from IFM, 24 June 2026
- Atlas Arteria's Fifth Supplementary Target's Statement, 22 June 2026
- Atlas Arteria's Fourth Supplementary Target's Statement, 18 June 2026
- Atlas Arteria's Third Supplementary Target's Statement, 16 June 2026
- IFM's Seventh Supplementary Bidder's Statement, 15 June 2026
- Atlas Arteria's Second Supplementary Target's Statement, 5 June 2026
- Atlas Arteria’s Supplementary Target’s Statement, 2 June 2026
- Atlas Arteria’s Target’s Statement, 26 May 2026
- Reject IFM’s Hostile Takeover Offer, 6 May 2026
- Letter to Securityholders re: unsolicited takeover offer, 1 May 2026
- Atlas Arteria receives unsolicited Takeover Offer from IFM, 27 April 2026
Securityholders Information Line
Securityholders can call the following Information Line if they have any queries in relation to the Offer:
- 1800 267 108 (within Australia); or
- +61 3 9415 4053 (outside Australia),
Available Monday to Friday between 8.30am and 5.00pm (AEST).
IFM's Takeover Offer FAQs
The Frequently Asked Questions below is not a complete list and is based on latest information as at 3 July 2026. Please refer to the Target’s Statement and supplementary Target’s Statement for further information.
This Target’s Statement has been prepared by ALX and provides ALX’s response to the Bidder’s Statement to help you decide whether to accept or reject the Offer, including the recommendation of the Independent Directors to REJECT the Offer.
The Target’s Statement was lodged with the ASX and sent to ALX Securityholders on 26 May 2026.
- The First Supplementary Target’s Statement dated 2 June 2026, provides a response to the Third Supplementary Bidder’s Statement
- The Second Supplementary Target’s Statement dated 5 June 2026, provides a response to the Fourth Supplementary Bidder’s Statement
- The Third Supplementary Target’s Statement dated 16 June 2026, provides a response to the Seventh Supplementary Bidder’s Statement
- The Fourth Supplementary Target's Statement dated 18 June 2026, provides a response to the Eighth Supplementary Bidder's Statement
- The Fifth Supplementary Target’s Statement dated 22 June 2026, reiterates the Independent Directors’ recommendation to REJECT the Offer and provides an update on the potential sale of Warnow Tunnel (in addition to Chicago Skyway) and intention to target distributions of 60 cents per security in the 12 months following the end of the Offer Period on 25 June 2026
- The Sixth Supplementary Target’s Statement dated 29 June 2026, maintains the Independent Directors’ recommendation to REJECT the Offer while highlighting the risks and consequences to ALX securityholders of the Bidder’s majority ownership, update to Chicago Skyway (including the agreement to extinguish the OTPP Put Option) and the retirement of ATLAX Chair
- The Seventh Supplementary Target’s Statement dated 3 July 2026 outlines the considerations of the decision to extinguish OTPP Put Option. The Independent Directors continue to recommend to REJECT the Offer, while highlighting risks and consequences to ALX securityholders of the Bidder’s majority ownership
Note all Supplementary Target’s Statements should be read in conjunction with the Target’s Statement dated 26 May 2026.
The Bidder’s Statement was prepared by the Bidder for distribution to ALX Securityholders. The Bidder’s Statement describes the terms of the Bidder’s Offer for your ALX Securities and information relevant to your decision whether or not to accept the Offer.
The Bidder lodged the Bidder’s Statement with ASIC on 27 April 2026 and served it on ALX on the same date. The Bidder has lodged a number of Supplementary Bidder’s Statements with ASIC which are available on the ASX.
The Bidder is Diamond Infraco 1 Pty Ltd which is a wholly owned Subsidiary of IFM Global Infrastructure Fund (IFM GIF) incorporated in Australia for the purposes of acquiring ALX Securities.
IFM GIF is a perpetual, open-ended, global infrastructure investment fund that has more than A$101 billion in funds under management (at 31 March 2026). IFM GIF's trustee is Conyers Trust Company (Cayman) Limited, a Cayman Islands company.
As at the date of the Bidder’s Statement, the Bidder had Voting Power of 34.48% in ALX. As at 3 July 2026, the Bidder had Voting Power of 59.93% in ALX.
The Bidder is offering $5.10 cash for every ALX Security that you hold.
The Bidder has stated that the Offer Price is best and final, and will not be increased in the absence of a competing proposal for ALX.
The Offer will close at 7pm on 7 July 2026. Bidder has stated that there will be no further extension.
The Independent Directors will keep you informed if there are any material developments in relation to the Offer.
If you wish to follow the Independent Directors’ recommendation and REJECT the Offer, you do not need to do anything. Simply IGNORE all documents sent to you by the Bidder and IFM.
The Independent Directors unanimously recommend that you REJECT the Offer.
The Independent Directors continue to believe that the Offer of $5.10 per ALX Security undervalues Atlas Arteria. The recommendation reflects the Independent Directors’ assessment of the long-term fundamental value of Atlas Arteria’s current portfolio, as supported by the Independent Expert’s Report.
However, the Independent Directors also recognise that the Bidder’s majority position in Atlas Arteria introduces and increases certain risks and uncertainties that could affect both the long-term value of ALX Securities and the ability of ALX Securityholders to realise that value. Refer to pages 4-7 in the Sixth Supplementary Target’s Statement for further information.
ALX Securityholders should carefully consider these risks and uncertainties and seek professional advice, before deciding whether to accept or reject the Offer.
To follow the Independent Directors’ recommendation, you should DO NOTHING. If there is a change in this recommendation or any material development in relation to the Offer, ALX will lodge a supplementary target’s statement.
Kroll Australia Pty Ltd has been appointed (as an independent expert not associated with either ALX or the Bidder), to prepare an Independent Expert’s Report assessing the Offer, and to provide an opinion on whether or not the Offer is fair and reasonable to ALX Securityholders.
The Independent Expert has concluded that the Offer is neither fair nor reasonable.
Annexure B of the Target’s Statement includes a copy of the Independent Expert’s Report. You should read the report carefully and in its entirety as part of your assessment of the Offer.
As an ALX Securityholder, you have three choices available:
1. REJECT the Offer and DO NOTHING – and remain an ALX Securityholder⁴. If you agree with the Independent Directors' recommendation to REJECT the Offer then do not fill in or return any of the Offer documentation. IGNORE all correspondence, documents and communications received from the Bidder and IFM. You are not required to do anything;
2. Sell your ALX Securities on the ASX (unless you have already accepted the Offer) which may be at a higher or lower price than the Offer Price. If you wish to sell your ALX Securities on the ASX, you should not accept the Offer and should instruct your broker at the time you wish to sell; or
3. Accept the Offer for all or part of your ALX Securities. If you choose to accept the Offer you should follow the instructions in the Bidder's Statement. However, you should note that the Independent Directors' recommendation is that you REJECT the Offer. Once you accept the Offer, you will not be able to withdraw your acceptance.
If you are in any doubt as to what to do, the Independent Directors recommend that you seek any independent financial, legal, tax or other professional advice you require. ALX Securityholders should carefully consider the Independent Directors' recommendation and other important issues set out in this Target's Statement.
⁴ Unless your ALX Securities are compulsorily acquired, see section 5.10 in the Target’s Statement for further detail on the compulsory acquisition process.
You will remain an ALX Securityholder, unless the Bidder becomes legally entitled to compulsorily acquire your ALX Securities and the Bidder exercises its right to do so (see FAQ 3.31 in the Target’s Statement).
If you wish to follow the Independent Directors’ recommendation and REJECT the Offer, you do not need to do anything. Otherwise, the Offer is scheduled to close at 7:00pm (Sydney time) on 7 July 2026.
Yes, the terms of the Offer allow you to accept the Offer for some or all of your ALX Securities. If you accept this Offer for some of your ALX Securities, you may still accept the Offer for all or part of the balance of your ALX Securities at any other time during the Offer Period.
If you accept the Offer, you will have to wait until on or before the earlier of:
if at the time of your acceptance:
(a) the Offer remains subject to a Condition, one month after any contract resulting from your acceptance of this Offer becomes, or is declared, unconditional; or
(b) the Offer is not subject to a Condition, one month after the date of your acceptance; and
21 days after the end of the Offer Period,
before you receive the Offer Price. Section 7.9 of the Bidder's Statement describes in more detail the payment of the consideration to you.
You cannot be forced to sell your ALX Securities unless the Bidder is legally entitled to proceed to compulsorily acquire your ALX Securities. In those circumstances, you will receive the Offer Price for your ALX Securities, even if you rejected the Offer.
The Bidder has stated in its Bidder’s Statement that if it acquires a Relevant Interest in at least 90% of ALX Securities on issue, it intends to compulsorily acquire your ALX Securities in accordance with the Corporations Act.
You can sell your ALX Securities on the ASX unless you have already accepted the Offer in respect of those ALX Securities.
Any questions should be directed to the ALX Securityholder Information Line on 1800 267 108 (within Australia) and +61 3 9415 4053 (outside of Australia) which is available Monday to Friday between 8:30am – 5:00pm (AEST).
Announcements made to ASX by ALX and a copy of the Target’s Statement and Supplementary Target’s Statements can be obtained from ALX’s website at https://www.atlasarteria.com/