ATCO - Atlas receives takeover offer from Poseidon

• Asset manager Atlas ( NYSE: ATCO ) said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp for the full buyout of the asset manager at a 30% premium over its share price prior to the announcement.
• The consortium is made up of David Sokol, Chairman of the Board of Directors of Atlas Corp., certain affiliates of Fairfax Financial Holdings, the Washington Family, and Ocean Network Express, the world’s seventh largest container shipping company.
• Offering is made at $14.45 per share in cash for all shares they do not already own or control, representing a 32.1% and 28.8% premium over the 30-day and 60-day average closing prices of ATCO shares.
• The board will launch a special committee consisting of independent directors to consider the proposal, Atlas said.
• The consortium members have committed to fully fund the cash component of the proposal, and as planned all of Atlas’ preferred shares would remain outstanding following the proposed transaction.
• Fairfax Financial, Washington Family and Sokol, along with their affiliates, collectively own more than 50% of the Atlas' outstanding common shares, the asset manager said.

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