ONE consortium takeover talks with Seaspan owner progress

Halifax, Canada - July 30, 2022: Tugboats assist the One Hangzhou Bay container ship as it leaves the Fairview Cove Container Terminal in the Bedford Basin in Nova Scotia, Canada.

A consortium that includes Ocean Network Express (ONE) believes it has made “significant progress” in discussions with Atlas to buy out all remaining shares of the asset management firm.

In a 7 October release, 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 ONE believes it has made progress in its discussions with the Special Committee of the Board of Directors of Atlas to acquire all of the outstanding common shares of Atlas that the Consortium does not already own or control.

The remaining shares could be bought out for $15.50 per share in cash, plus ordinary course third quarter and fourth quarter 2022 dividends.

Atlas is the owner of Seaspan Corporation, an independent boxship charter owner and operator.

As at June 30, 2022, Seaspan’s operating fleet consisted of 127 vessels with a total capacity of 1,156,630 TEU, and an additional 63 vessels under construction, increasing total fleet capacity to 1,919,630 TEU,

In a separate release, Atlas cautioned that no agreement has been reached, entrance into any binding agreement is subject to significant contingencies, and there can be no assurances that any transaction will result from these discussions on the terms described herein or at all.

“Atlas does not intend to make additional comments regarding this matter unless and until a definitive agreement is executed or either the Consortium or the Special Committee terminates discussions,” the asset management firm added.

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