CA - Atlas agrees to be acquired by Poseidon Acquisition for $15.50 per share cash

Atlas ( NYSE: ATCO ) agreed to be acquired by a group of investors, including certain affiliates of Fairfax Financial Holdings ( OTCPK:FRFHF ) and ATCO Chairman David Sokol, in an all-cash transaction with an enterprise value of ~$10.9B, the companies said Tuesday.

The acquiring group, called Poseidon Acquisition Corp., will pay $15.50 in cash for each Atlas ( ATCO ) share not held by Fairfax, the Washington family, or Sokol. Those three entities currently own ~68% of Atlas's common shares outstanding. Ocean Network Express is also part of Poseidon Acquisition.

The per-share purchase price represents a 34% premium to Atlas's ( ATCO ) unaffected share price as of Aug. 4, 2022, the last trading day before a proposal to acquire the company was publicly disclosed. Atlas shares gained 3.3% i n Tuesday premarket trading.

The transaction is expected to close in the first half of 2023. Upon closing, the Washington family and Fairfax will own a majority of the equity of Atlas ( ATCO ). Bing Chen will continue to serve as president and CEO and will contribute his equity in Atlas to become an owner of the company along with Poseidon.

Conference call at 8:30 AM ET.

In early October, Poseidon and Atlas ( ATCO ) confirmed meaningful progress in negotiating a deal at $15.50 per share.

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