According to Reuters, Asset manager Atlas (ATCO) receives $3.64 billion takeover offer from Poseidon

POTENTIAL DEAL DETAILS

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

Update(s):

August 18, 2022: Atlas (ATCO) announced that its board of directors has already formed a special committee of independent directors to evaluate the unsolicited non-binding proposal from Poseidon Acquisition received by the Board on August 4, 2022. The special committee has already retained Morgan Stanley & Co. LLC as its financial advisor, and also has already retained legal counsel, in connection with its evaluation of the proposal.

September 6, 2022: Private investment firm Albright Capital Management, a large minority shareholder in Atlas Corporation (ATCO), announced in an open letter to the Special Committee of the ATCO Board that it will vote no on the $14.45/share unsolicited offer from a Consortium of ATCO insiders and ONE, the Company’s largest shipping counterparty.

September 26, 2022: Poseidon Acquisition Corp., on behalf of a consortium composed of David L. Sokol, Chairman of the Board of Directors of Atlas Corp. (ATCO), certain affiliates of Fairfax Financial Holdings Limited, the Washington Family, and Ocean Network Express Pte. Ltd. , a global container, transportation and shipping company, announced it has unilaterally increased its bid price to acquire all of the outstanding common shares of Atlas that the Consortium does not already own or control to $15.50 per share in cash.

Poseidon Chairman David L. Sokol stated that the increased bid price represents Poseidon’s final and best offer.

September 28, 2022: Atlas Corp. (ATCO) confirmed receipt of a revised, non-binding proposal from Poseidon Acquisition

October 6, 2022: Atlas Corp. (ATCO) as disclosed by the Consortium, the Special Committee and the Consortium have made progress in negotiation of a potential transaction at a per share cash price of $15.50, plus payment of all ordinary course third quarter and fourth quarter 2022 dividends regardless of the timing of any closing

January 20, 2023: Atlas Corp. (ATCO) On Feb 24, 2023, at the Annual Meeting, Atlas common shareholders will be asked to, among other matters, consider and vote upon a proposal to adopt and approve the previously announced Agreement and Plan of Merger among Atlas, Poseidon Acquisition Corp., and Poseidon Merger Sub, Inc., and the transactions contemplated by the Merger Agreement.

February 24, 2023: Atlas (ATCO) shareholders approve merger with Poseidon Acquisition Corp. at its annual meeting of shareholders held on February 24, 2023

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