Poseidon Acquisition Corp. Unilaterally Increases Its Bid Price to Acquire All Common Shares of Atlas Corp. Not Controlled By Its Majority Shareholders to $15.50 Per Share in Cash
26 September 2022 - 9:59PM
Poseidon Acquisition Corp., on behalf of a consortium composed of
David L. Sokol, Chairman of the Board of Directors of Atlas Corp.
(NYSE: ATCO) (“Atlas” or the “Company”), certain affiliates of
Fairfax Financial Holdings Limited (collectively, “Fairfax”) (TSX:
FFH and FFH.U), the Washington Family, and Ocean Network Express
Pte. Ltd. (the “Consortium”), a global container, transportation
and shipping company, announced today it has unilaterally increased
its bid price to acquire all of the outstanding common shares of
Atlas that the Consortium does not already own or control to
US$15.50 per share in cash. Poseidon Chairman David L. Sokol stated
that the increased bid price represents Poseidon’s final and best
offer. The non-binding proposal was conveyed on September 26, 2022
in a letter to Atlas’ Special Committee.
Additional Information and Where to Find It
An agreement in respect of the proposed transaction described in
this press release has not yet been executed, and this press
release is not an offer to purchase or a solicitation of an offer
to sell any securities. Any solicitation or offer will only be made
through materials filed with the Securities and Exchange Commission
(the “SEC”). Atlas shareholders and other interested parties are
urged to read these materials if and when they become available
because they will contain important information. Atlas shareholders
will be able to obtain such documents (when available) free of
charge at the SEC’s web site, www.sec.gov.
Forward-Looking Statements
This press release contains statements regarding the proposed
transaction that may be deemed to be “forward-looking statements”
within the meaning of applicable securities laws and members of the
Consortium may make related oral, forward-looking statements on or
following the date hereof. Forward-looking statements, by their
nature, are subject to a variety of inherent risks and
uncertainties that could cause actual results to differ materially
from the results projected. Many of these risks and uncertainties
cannot be controlled by the Consortium and include the possibility
that discussions with the special committee of the Atlas board of
directors may not be successful and the possibility that the
proposed transaction may not be entered into or completed on the
terms described in this press release or at all, including as a
result of changes in the business or prospects of Atlas. Any
forward-looking statements in this press release are made only as
of the date of this press release. No member of the Consortium
assumes any obligation to publicly update any forward-looking
statements except as required by law. No information contained on
any website referenced in this press release is incorporated by
reference herein.
About Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited is a holding company which,
through its subsidiaries, is primarily engaged in property and
casualty insurance and reinsurance and the associated investment
management.
Contacts:
Consortium: David L. Sokolsokol@poseidonacq.com
Fairfax: John Varnell, Vice President, Corporate Development -
+1-416-367-4941
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