TOV: ALX - Panel Declines to Conduct Proceedings

• Panel declined proceedings on takeover bid application
• Application concerned disclosure of terms under Chicago Skyway Shareholders Agreement
• Panel found no reasonable prospect for unacceptable circumstances declaration

The Takeovers Panel has decided not to proceed with an application from Diamond Infraco, a subsidiary of IFM Global Infrastructure Fund, regarding Atlas Arteria's takeover bid. The application questioned whether Atlas Arteria had made sufficient disclosure under the Chicago Skyway Shareholders Agreement. The Panel found that the Applicant had not sufficiently explained why additional information was needed before the release of Atlas Arteria's target's statement. The Panel also noted that the Applicant's claim of a frustrating action was premature. The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances.