ONE and partners confirm US$3.64 billion Atlas Corp takeover offer

The Singaporean-headquartered container carrier Ocean Network Express (ONE) is a member of the Poseidon Acquisition Corp, a consortium that has proposed to acquire all the outstanding common shares of Atlas Corp that are not owned or controlled by the consortium members.

Atlas Corp said on 4 August that it has received a takeover offer from the consortium group in an all-cash deal for US$3.64 billion.

Poseidon Acquisition Corp comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family and ONE.

The consortium has made an offer to the asset manager Atlas Corp, whose assets include the world’s largest containership leasing company Seaspan, for US$14.45 cash per common share.

ONE confirmed that the non-binding proposal was conveyed on 4 August 2022 in a letter to Atlas’ Board of Directors from the Consortium.

Atlas said the board will launch a special committee consisting of independent directors to consider the proposal.

Source: Container News


Related News

Congestion fears as Shanghai enters two-phase lockdown
Congestion fears as Shanghai enters two-phase lockdown

Congestion around the world’s busiest container port is expected to intensify as Shanghai will be locked down in two stages for a Covid-19 mass testing exercise.

Vietnam to have 30 airports by 2030
Vietnam to have 30 airports by 2030

Vietnam is set to have 30 airports by 2030, including 14 serving international flights and 16 serving domestic flights.

Los Angeles reports busiest September in history despite record-low exports
Los Angeles reports busiest September in history despite record-low exports

The Port of Los Angeles (POLA) has reported its busiest September ever recorded in its 114-year history, with more than 903,800TEU handled through its terminals, reflecting a growth of 2.3% above last September’s previous record of 883,625TEU.


main.add_cart_success