Atlas Arteria’s largest shareholder, IFM Investors, said it was disappointed and was exploring its options after the Australian toll road operator acquired the Chicago Skyway against its wishes.
Atlas Artery announcement On Tuesday, he had agreed to buy a 66.6% stake in the Chicago Skyway tollway for US$2 billion ($2.9 billion), despite strong opposition from the corporate-owned investment manager. industry super funds.
A fundraiser will help fund the operation, details of which will be provided “in due course”, Atlas Arteria said. The company said the Chicago Skyway, which connects downtown Chicago to its southeastern suburbs, had 81 years of concession life remaining and provided congestion relief in a critical transportation corridor.
Atlas Arteria will form a joint venture with the Ontario Teachers’ Pension Plan, which will retain a one-third stake after the Canada Pension Plan Investment Board and OMERS Infrastructure sell their respective stakes a third in the 12.5 kilometer toll road.
The acquisition was announced despite a strong statement released Monday by IFM Investors after takeover talks were confirmed.
The investment manager said the deal could potentially be “distribution-dilutive” and those concerns were shared by other significant shareholders. Should Atlas Arteria proceed, IFM would consider all available legal options. This could include seeking an accelerated board transition through an extraordinary general meeting, the investment manager explained.
“We expect Atlas Arteria shareholders to strongly support IFM GIF in pursuing these options, particularly as the company continues to advance major equity-financed offshore acquisitions such as Chicago Skyway, and that the company should focus on funding and creating value from its existing portfolio of assets,” the statement read.
“We reserve all rights against the directors for any decrease in value of the holdings of IFM GIF and the holdings of other shareholders, following any acquisition and simultaneous capital increase.