May 31, 2026 – 3.55pmAs Atlas Arteria digs in on defence, hostile bidder IFM Investors is readying its next assault on the $7 billion toll road operator.Street Talk understands IFM Investors will release its next supplementary bidder’s statement this week. In it, the asset manager is expected to take aim at the lower end of independent valuer Kroll’s $5.39 to $6.20 per share valuation range.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
IFM to strike back at Kroll’s Atlas Arteria valuation
IFM Investors is also considering waiving its condition on the Ontario Teachers’ Pension Plan’s put option over Chicago Skyway.
TL;DRAI
IFM Investors will release a new bidder's statement challenging the lower end of Kroll's $5.39–$6.20/share valuation range for $7bn toll road operator Atlas Arteria. Contesting the independent valuer's floor is a standard hostile M&A tactic to weaken the target board's defense and pressure deal repricing.
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