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

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SINGAPORE : 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.

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