ALX -2.13%: the toll road operator fell today after confirming it had joined the bidding for a 67% stake in Chicago’s Skyway asset. The stake is being sold by Canada Pension Plan Investment & OMERS Infrastructure, rumoured to be worth around $US2.7b and earnings of ~$US67m/year. The sellers are looking for a quick turnaround, which Atlas is likely to provide given they’ve owned a stake in the asset previously. The deal would likely need to be accompanied by a capital raise as well, hence the market’s caution on today’s news.
MM is neutral ALX
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