Dilution has to do with the relative value of a share. If the value of a company is a pie, then adding shares means creating more slices. If the size of the pie remains constant in the slicing, then each slice contains a smaller portion of the pie. But if the pie gets bigger, i.e. the value of the company grows, then the reduction in the amount of pie in the slice is offset. The idea behind ATM offerings is to create more slices and grow the pie at the same time. So while there is dilution, meaning there are more slices, the size of each slice (share price) remains the same, and therefore the pie just gets bigger. The distinction is that if the pie were to get bigger without adding slices, each slice would contain more pie. So in this sense adding shares always reduces the amount by which the value of a share can grow.
No dilution. Offering is made in $ terms (125 mil.$) and at market prices.
PPS could move not because of dilution, but because of the "signalling" effect of the announcement.
Could be interpreted by the market as a positive, negative or neutral signal, relating to the chances of AA.
We'll find out friday. you can go along with market consensus view on friday, or against it