Reuters [Reuters]
Atlas Corp. Common Shares (ATCO)
Company Research
Source: Reuters
Asset manager Atlas Corp (ATCO.N) 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 (FFH.TO) , 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. Reporting by Shivam Patel in Bengaluru; Editing by Sherry Jacob-Phillips Our Standards: Th
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