Tollroads group Atlas Arteria’s running the longest new shareholder induction for IFM Investors in recent memory, in what looks like an attempt to buy more time.
APRR/Leimdorfer Gilles
Four weeks is a long time to be in talks about information that should be contained in the company’s 113-page annual report, published in February. In fact, it’s probably the same length of time it takes Atlas Arteria’s finance team to balance the books, prepare the annual report and have it audited by PwC.
So either UBS is playing a classic “just say no” defence - just ask the suitors that chased Crown Resorts, Tabcorp’s wagering arm or Healthscope in recent years - until such a proposal lands, or there’s a reason why Atlas Arteria is slowing the game down.
The problem for IFM Investors is that Atlas Arteria likely has investor approval to play for time while its shares trade aboveA situation also plays out as infrastructure managers globally re-think asset valuations, in light of rising interest rates and their own long-dated cost of capital assumptions.
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