Atlas Arteria (ASX:ALX) said Australia's Takeovers Panel refused to launch proceedings against the company over a complaint by IFM Global Infrastructure Fund related to its disclosure of terms for the Chicago Skyway toll road, according to a Monday filing with the Australian bourse.

IFM Global recently proposed to acquire the remaining Atlas Arteria securities it doesn't already own.

The terms in question concerned a right of first offer and a put option in favor of the Ontario Teachers' Pension Plan, per the filing.

The Takeovers Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances, noting that a target statement due to be released by Tuesday will include information regarding the potential sale of Chicago Skyway.

If the target's statement fails to adequately address the disclosure concerns, a fresh application can be filed with the Takeovers Panel.