(Bloomberg) -- Australian toll roads operator Atlas Arteria Ltd. said it planned to raise A$3.1 billion ($2.09 billion) as it seeks to buy a majority stake in the Chicago Skyway toll road.

The company plans to raise the capital from a share offering of A$6.30 per security, according to a statement Wednesday. That’s about 19% below Monday’s closing level.

Canada Pension Plan Investment Board and OMERS Infrastructure sold their respective one-third stakes worth $2 billion in the 12.5 kilometer (7.8 mile) road linking downtown Chicago to its south-eastern suburbs, the company said Tuesday. The deal comes at a time when it has also been maneuvering to fend off a takeover offer from Australian pension manager IFM Investors.

Read: Atlas Arteria Defies Top Investor With Chicago Skyway Deal

The acquisition was announced despite a strongly-worded statement Monday from Atlas Arteria’s biggest shareholder IFM, following confirmation of the talks. It said the deal could be potentially “dilutive to distributions” and that those concerns were shared by other major shareholders.

The acquisition is subject to regulatory approvals including consent of the City of Chicago. Atlas Arteria shares remain in a trading halt.

The offering is pressing ahead during a weak day for equity markets, with Australia’s benchmark index down 2.7% as of midday in Sydney. Just two of the top 200 companies were up on the day so far.

(Adds detail on wider share market trading in sixth paragraph. An earlier version of this story was corrected to show accurate raising size in headline and first paragraph.)

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