Atlas Arteria Tells Holders to Reject New IFM Investors Bid

Australia-listed toll road operator Atlas Arteria Ltd. has recommended shareholders reject a higher bid from IFM Investors, saying the offer is too low and “materially undervalues” the company.

“IFM is not paying an appropriate premium for control,” Atlas Arteria said in a stock exchange statement Monday.

IFM increased its bid and removed certain conditions in its best and final offer for the company earlier on Monday. IFM increased its offer price to A$5.10 ($3.61) per share, from an initial bid price in April of A$4.75 per share that would have increased to A$5.10 per security once IFM’s stake rose above ...