ATCO - Atlas Poseidon confirm 'meaningful progress' in deal talks

Atlas Corp. ( NYSE: ATCO ) +7.1% pre-market Friday after the company and the consortium led by Poseidon Acquisition Corp. said the two sides have made " meaningful progress " in negotiating a potential transaction at $15.50/share.

Atlas ( ATCO ) cautions that no agreement has been reached, and it will make no further comments on the matter unless and until a definitive agreement is executed.

The SPAC said late last month it had raised the bid price to acquire all shares not controlled by majority shareholders to $15.50/share in cash from $14.45/share.

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  and Ocean Network Express.

Atlas ( ATCO ) shares popped September 26 on news of the sweetened bid price but have since showed little change .

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