David Sokol News

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

Singapore-based offshore contractor Swiber has signed a $200 million deal with box ship player Seaspan Corporation, just days after it announced the expiry of a term sheet for a share swop arrangement with Australian power generation firm, Interlink Power & Energy Holdings.In a stock exchange announcement, the offshore construction and services group said that it has signed with Seaspan a binding term sheet on October 3, 2018, which is subject to definitive agreements being entered into on mutually agreed terms. Under the terms, Seaspan proposes to invest up to $200 million in two stages.The first stage is an initial $20 million in cash for new ordinary shares in Swiber which will give it control of 80 percent of Swiber’s enlarged share capital…

Containership owner operator Seaspan Corporation has announced that Fairfax Financial Holdings Limited, through certain subsidiaries, has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants, increasing Fairfax’s total investment in Seaspan to $1 billion. "Building on our acquisition of Greater China Intermodal Investments and existing partnership with Prem Watsa and Fairfax, the cumulative investment of $1 billion from Fairfax will also significantly strengthen Seaspan’s balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating," he added.

Seaspan Corporation, the world's largest independent containership owner operator, has announced that Mark Chu has notified the company that he plans to step down from his roles as General Counsel and Chief Operating Officer to pursue other opportunities. Chu will remain in his current roles through August 31st, 2018 to help facilitate a seamless transition. Bing Chen, President and Chief Executive Officer of Seaspan said, "I would like to thank Mark for his many contributions to Seaspan over the years. David Sokol, Chairman of Seaspan's Board of Directors, said, "Mark has been a true professional in all aspects of his roles at Seaspan. I cannot thank him enough for his efforts since I joined the Board and through the transition over the past nine months.

Seaspan Corporation announced that it entered into a letter of intent (LoI) pursuant to which Fairfax Financial Holdings Limited, through certain subsidiaries, will make an investment of US$250 million in Seaspan in exchange for the issuance by Seaspan of 5.5% interest bearing unsecured debentures and Class A Common Share purchase warrants. Seaspan intends to use the proceeds from this US$250 million investment to fund future growth initiatives, debt repayment and for general corporate purposes. Fairfax has agreed to subscribe on a private placement basis, and subject to certain conditions, for Debentures in a maximum aggregate amount of US$250 million.

Seaspan Corporation announced that Bing Chen will be joining the Company as its Chief Executive Officer (CEO), and appointed to the Board of Directors in January, 2018. Gerry Wang will be retiring as CEO and Director of Seaspan effective November 3. Upon Wang’s retirement, Peter Curtis, executive vice president and chief operating officer, will also serve as Seaspan’s interim chief executive officer until Chen’s arrival, after which he will continue in his current role. David Sokol, Chairman of Seaspan’s Board of Directors, stated, "We are pleased to have reached a very successful conclusion to our CEO search, and to have a seasoned professional like Mr. Chen join our executive team. Mr.

Seaspan Corporation announced that Gerry Wang, its Chief Executive Officer, Co-Chairman and Co-Founder, will retire from Seaspan effective December 31, 2017 to focus on family business investments and his ongoing charitable efforts. In order to facilitate an orderly transition, Wang will continue in his current role as CEO until the earlier of when a permanent CEO is identified or December 31, 2017, and will continue to serve on Seaspan's Board until the end of the year. Seaspan has commenced a search process to identify a new Chief Executive Officer. The Board of Directors has appointed David Sokol, a member of the Board of Directors and Executive Committee of Seaspan, as Chairman of the Board.