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Atlas Receives $3.64 Billion Takeover Offer from Poseidon

Maritime Activity Reports, Inc.

August 5, 2022

© Björn Wylezich / Adobe Stock

© Björn Wylezich / Adobe Stock

Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.

Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.

The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data.

The board will launch a special committee consisting of independent directors to consider the proposal, Atlas said.

Fairfax Financial, Washington Family and Sokol, along with their affiliates, collectively own more than 50% of the Atlas' outstanding common shares, the asset manager said.

(Reuters - Reporting by Shivam Patel; Editing by Sherry Jacob-Phillips)

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