ALX +16.2%: the toll road owner & operator was one of the top performers today after IFM Infrastructure Fund revealed they had taken a significant stake overnight. Around 15% of the company changed hands at $8.10, ~14% above yesterday’s close as the $181b global fund edged in. Atlas was expecting a formal approach from IFM with the hope of seeing a takeover bid for the company that owns toll roads across Europe and the US, though nothing landed in the inbox today. That didn’t deter traders though with ALX finishing above where the initial stake was acquired. IFM are generally keen acquirers of total businesses so we would view this as a serious approach that could morph into a takeover.
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