Citi raises PT but keeps Atlas Arteria at 'neutral'; flags uncertainty over IFM's takeover bid
BUZZ-Citi raises PT but keeps Atlas Arteria at 'neutral'; flags uncertainty over IFM's takeover bid ** Analysts at Citi raise price target on Australia's Atlas Arteria ALX.AX to A$5.10, in line with IFM Investors' takeover offer, while highlighting growing uncertainty around the bid's success
** Brokerage retains "neutral" rating; says IFM's unconditional offer, which will not be extended beyond June 25, has seen its effective stake in the toll-road operator rise to 39.61% from 34.48% at the time of the initial bid
** Citi adds it previously viewed a takeover as likely, but notes slower-than-expected acceptances and investor feedback could signal transaction may not proceed
** One of seven analysts rate the stock "buy" or higher, four "hold" and two "sell" or lower; their median PT is A$4.80, according to data compiled by LSEG
** Stock has risen 4.5% this year, as of last close
(Reporting by Roshan Thomas in Bengaluru)
Recent news on Atlas Arteria
See all newsBrief: Eiffage Enters Exclusive Negotiations To Buy Concession For Warnow Tunnel In Germany
Brief: Atlas Arteria Says Independent Directors Continue To Recommend Securityholders Reject IFM Takeover Offer
Brief: Independent Directors Of Atlas Arteria Continue To Unanimously Recommend To Reject Offer From Ifm
Citi raises PT but keeps Atlas Arteria at 'neutral'; flags uncertainty over IFM's takeover bid
IFM says it will not extend offer for Atlas Arteria beyond end-June