Good evening,

Wednesday was all about Atlas Arteria.

It moved at warp speed, pressing play on a $3 billion rights issue to buy Chicago Skyway, while its suitor (and rival bidder) IFM Investors kicked up a storm.

Street Talk understands IFM kept underwriters UBS and RBC waiting till the bid deadline, but eventually did take up its rights.

From here, it doesn’t look like the raise is going to be a massive trouble for Atlas Arteria, despite the big headline number.

The big question is if IFM will get what it wants – at Atlas Arteria and/or Chicago Skyway.

In search of answers, we dug into the Skyway shareholders agreements, and have some details on the protections Atlas Arteria’s baked in to avoid IFM turning up for control.

Also in the listed markets, Origin Energy’s Beetalo Basin gas project in NT had an enterprising gas junior, Tamboran Resources, gearing up to have a go.

Tamboran had Canaccord and Credit Suisse trying to drum up $150 million to help it buy into Beetalo. (It has a $144 million market capitalisation.)

Elsewhere, Asian heavyweight PAG was carting away Patties Foods and Vesco; and investors were thinking about Latitude’s Japanese shareholder Shinsei’s intentions.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors