Atlas Arteria chairman Debbie Goodin is stepping down from her role, even as the toll road operator's board reaffirmed its commitment to resisting IFM Investors' hostile takeover bid.
The infrastructure group rejected the latest offer of $7.4 billion, maintaining its defensive posture despite significant pressure from the Australian investment firm.
IFM Investors has now secured more than 50% of Atlas Arteria's shares, effectively giving it control of the ASX-listed company.
The leadership change comes at a critical juncture in the four-year campaign.
IFM Investors has now secured more than 50% of Atlas Arteria's shares, effectively giving it control of the ASX-listed company.
The accumulation of shares marks a decisive shift in the balance of power, rendering the board's resistance increasingly symbolic.
In an attempt to thwart the takeover, Atlas Arteria has previously employed various defensive strategies.