ATCO - Albright Capital to vote 'no' on $14.45/share takeover bid

• Albright Capital Management, a large minority shareholder in Atlas Corp. ( NYSE: ATCO ) said Tuesday it will note "no" on the $14.45 per share unsolicited offer from a group of ATCO insiders and ONE, the company's largest shipping counterparty.
• Albright, which believes it is the second-largest minority public shareholder of Atlas ( ATCO ) also urged other shareholders to reject the proposal. "ATCO is at an important and very positive inflection point – a crossroads that the analysts seem to ignore, but which we believe the Consortium fully understands and wishes to capitalize upon with their unsolicited offer," the shareholder said in its statement.
• Albright Capital expects ATCO shares would likely trade between $23 and $29 per share in 2024, without any significant multiple expansion. Sixty-eight fully financed and fully contracted new ships will come on line in 2024, just beyond the forecasting timeline for most ATCO analysts, the shareholder said. Albright expects ATCO revenue will increase to ~$2.4B in 2024 from $1.7B in 2022 and that income from operations will increase to $1.2B from ~$750M.
• Previously (Aug. 19), Atlas ( ATCO ) ticks higher after disclosing board formed special committee on takeover bid

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