Seaspan Parent Gets $3.6 Billion Offer From Fairfax, Sokol [Financial Post (Toronto, Ontario, Canada)]
Atlas Corp. Common Shares (ATCO)
Company Research
Source: Financial Post
(Bloomberg) — Atlas Corp., the holding company that controls shipping firm Seaspan, said it received an offer from a shareholder group that includes former Berkshire Hathaway Inc. executive David Sokol and Canadian investment group Fairfax Financial Holdings Ltd. Advertisement The cash bid of $14.45 a share values Atlas at about $3.6 billion. It’s a 25% premium to Thursday’s closing price, but it’s also below where the shares traded as recently as April. Atlas rose 24% to $14.34 as of 9:42 a.m. in New York. Fairfax was down 0.3% in Toronto. Toronto-based Fairfax is already the largest shareholder of Atlas with just under 50%, according to data compiled by Bloomberg. The bidding group also includes affiliates of the Washington family, which owns 19% of Atlas, and Sokol, who is the company’s chairman. The non-binding offer is conditional on approval by a committee of independent directors and by holders of a majority of the shares not owned by the buying group, Atlas said in a stat
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