Atlas Arteria Group (ALX.AX): IFM offer unconditional at $5.10 per share, not to be extended beyond 25 June

Research evidence excerpt

Atlas Arteria Group (ALX.AX): IFM offer unconditional at $5.10 per share, not to be extended beyond 25 June

Action |

17 Jun 2026 10:09:28 ET │ 13 pages

Atlas Arteria Group (ALX.AX)

IFM offer unconditional at $5.10 per share, not to be extended beyond

25 June

CITI’S TAKE Neutral

Inside, we highlight key takeaways from IFM’s eighth supplementary Price (17 Jun 26 16:00) A$5.10

bidder’s statement today. IFM’s effective stake in ALX has increased to

Target price A$5.10↑ 39.61% from 34.48% at the time of the bid with the purchase of on market

shares, and also including the 1.34% stake held on behalf of the listed from A$4.80

equities funds. We have been of the view that the takeover is likely but the Expected share price return 0.0%

delay in acceptances and further feedback from investors may indicate Expected dividend yield 7.8%

that the bid may not be go through. If the bid fails, we believe its unlikely Expected total return 7.8%

an interloper steps in (given IFM’s large stake), but we see the stock Market Cap A$7,401M

potentially entering a holding pattern. We await further information over US$5,275M

the near term, but retain Neutral on the stock and raise TP in-line with bid

price to $5.10

Key takeaways from IFM’s 8th supplementary bidder’s statement — (1) Offer Suraj Nebhani, CFAAC

unconditional, $5.10 best and final – IFM’s offer is now fully unconditional, and the +61-2-8225-4829

$5.10 per security offered is best and final with IFM looking to buy shares both under suraj.nebhani@citi.com

the acceptance facility for investors, and/or on market. (2) No extension to offer Howard Penny

period unless absolutely needed – IFM has flagged that it will not be extending the

+61-2-8225-4819offer period (unless mandatorily extended if IFM get to 50% in which case the offer