(Bloomberg) -- IFM Investors is considering a non-binding takeover bid for Atlas Arteria Ltd. as the Australian pension manager seeks to boost its stake in the toll roads owner.

IFM offered to acquire about 67.1 million shares, or a 7% stake, at A$8.10 each, according to terms seen by Bloomberg News. The price would be a 14% premium to the last close of A$7.10 on Tuesday.

The shares, which are worth about $391 million at the offer price, would increase IFM’s ownership of Atlas Arteria to 15%. The pensions investor plans to request information before deciding whether to proceed with a non-binding proposal to acquire all of Atlas, according to the terms. 

A deal would build on a wave of takeover proposals by Australian pension managers for infrastructure assets both at home and abroad, including airports and power networks. IFM has recently also been in talks for a stake in Italian energy producer Erg SpA, Bloomberg News reported last month.

IFM has not yet had any engagement with Atlas, according to the terms. The stake purchase will hedge a total return swap between IFM and Nomura Holdings Inc., which is acting on behalf of investment bank Jarden Securities Ltd.

Atlas owns just over 30% in two roads in eastern France, and has outright control of the Warnow Tunnel in Rostock, Germany and the Dulles Greenway road in Virginia, according to its website. 

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