ATCO - Atco gets sweetened $15.50 per share bid from Poseidon Acquisition

Atco Corp. ( NYSE: ATCO ) stock has climbed 6.9% in Monday premarket trading after the group headed by its chairman increased its bid to $15.50 per share in cash from its previous offer of $14.45 per share.

The latest bid represents Poseidon Acquisition's "final and best offer," it said in a statement Monday. Poseidon Acquisition, which first made an offer in August to acquire the company, is comprised of Atlas ( ATCO ) Chairman David Sokol, certain affiliates of Fairfax Financial Holdings ( OTCPK:FRFHF ), and Ocean Network Express Pte. Ltd.

"It is our hope that in light of this significant increase in value, the Special Committee will conclude that this transaction represents full, fair and certain value and is in the best interest of Atlas ( ATCO ) shareholders," Poseidon Acquisition said in a letter to Atco's board. "If the Special Committee concludes otherwise, we will withdraw our proposal."

Even with its shares rising in Monday's premarket session, they're at $14.45 at 8:41 AM ET, less than Poseidon's first offer.

Earlier this month, Albright Capital Management, a large minority shareholder in Atco ( ATCO ) said it would vote "no" on the $14.45 per share bid , saying it expects ATCO shares will likely trade at $23-$29 per share in 2024 when 68 new ships come on line.

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