ATCO - Atlas ticks higher after disclosing board formed special committee on takeover bid

• Asset manager Atlas Corp. ( NYSE: ATCO ) ticked up 0.6% in premarket trading after disclosing that its board formed a special committee of independent directors to evaluate the unsolicited non-binding proposal from Poseidon Acquisition.
• The special committee has already retained Morgan Stanley as its financial advisor and also has already retained legal counsel, according to a statement on Thursday. Atlas ( ATCO ) said it's on the process of reviewing and evaluating the proposal and no decision has been made yet.
• Atlas ( ATCO ) jumped 23% on Aug. 5 after after the company announced that it received a takeover offer from consortium group Poseidon Acquisition for the buyout of the asset manager at $14.45/share, a 30% premium over its share price prior to the announcement.

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