Poseidon Acquisition Corp., a consortium composed of Ocean Network Express (ONE), Atlas’ board chairman David Sokol, affiliates of Fairfax Financial Holdings Limited and the Washington Family, believes it has made “significant 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, for US$15.50 per share in cash, plus ordinary course third quarter and fourth quarter 2022 dividends.
However, an agreement has not yet been executed.
The proposed transaction is not binding on either the Consortium or Atlas, according to a statement, and remains subject to significant contingencies, including the negotiation of a mutually acceptable definitive agreement and the satisfaction of customary closing conditions to be contained therein.
Poseidon Acquisition Corp. noted it does not expect to make any further announcements or updates unless and until a definitive agreement is executed or discussions with the special committee of Atlas are terminated.
