News
Atlas' shareholders approved the acquisition of the Hong Kong-based asset management company by Poseidon Acquisition, a business consortium of Ocean Network Express (ONE) and major shareholders Fairfax Financial Holdings, the Washington family and David Sokol, chairman of Atlas.
Atlas, the parent company of Seaspan, the world's largest containership owner, and Poseidon Acquisition entered into an agreement in November 2022, under which the consortium would acquire Atlas. Then, Poseidon Acquisition waited to obtain consents from the other shareholders and approval from regulation authorities. Now that Poseidon Acquisition has obtained consents from the other shareholders, its Atlas acquisition could be completed as early as next month, on condition that it gets the go-ahead from regulation authorities.
Poseidon Acquisition has proposed that it will buy the remaining Atlas shares at a price of \15.5 per share, which would make Atlas worth \10.9 billion, representing a premium of 34%. Poseidon Acquisition intends to make an all-cash offer. When the acquisition is completed, Atlas will be delisted from the New York Stock Exchange (NYSE).
Poseidon Acquisition, which was formed early 2022 by a group of investors, including major Atlas shareholders, has since held negotiations with Atlas.
