Atlas approves Poseidon Acquisition takeover

One Hanoi container ship of One Ocean Network Express shipping company of Vietnam in the port of Rotterdam at the container terminal.

Atlas Corp. has announced that its shareholders have approved a merger deal that will see business consortium, Poseidon Acquisition, buy up its shares.

In November 2022, Hong Kong-based asset management company and the parent company of Seaspan, the largest container vessel owner in the world, Atlas Corp. entered into an agreement with Poseidon Acquisition.

The $10.9 billion follows months of negotiations between Atlas and Poseidon Acquisition Corp., a consortium composed of David L. Sokol, Chairman of the Board of Directors of Atlas Corp., affiliates of Fairfax Financial Holdings Limited (Fairfax), the Washington Family, and Ocean Network Express (ONE).

The merger proposal was adopted and approved at an annual meeting by an affirmative vote of the firm’s shareholders, satisfying the requirements of the merger agreement.

This transaction is expected to be completed in March, contingent upon the status of regulatory approvals, consents, and other customary closing conditions of the merger.

Holders of the company’s common shares will receive $15.50 in cash in exchange for each common share they own, as per the merger agreement.

At the annual meeting, Atlas’ common shareholders voted to re-elect all eight of the company’s current directors and ratified the appointment of KPMG LLP as the company’s independent auditors.

Atlas Corp. will be delisted from the New York Stock Exchange upon completion of the transaction.

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