Seaspan has a fleet of 127 container ships as of June 30, making it the largest independent owner and operator of such vessels globally, according to Atlas's website. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. As with past acquisitions, Mastercard does not expect this acquisition to be dilutive to its business for greater than 24 months. Ltd. ("ONE"), and certain of their respective affiliates, today announced the completion of the previously announced transaction pursuant to which Poseidon acquired all outstanding common shares of Atlas not already owned by Fairfax, Washington and Mr. Sokol. We reserve the right to withdraw or modify our offer in any manner. Fairfax Financial Holdings. It is our hope and preference to work constructively with the Special Committee to allow them to do as such. Atlas preferred shares will continue trading on the NYSE under current terms. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. +1-888-829-0013Email: IR@atlascorporation.com, James Golden / Nick LamploughJoele Frank212-355-4449, David L. SokolEmail: sokol@poseidonacq.com. Atlas Announces Shareholder Meeting Date in Connection with Poseidon This letter does not include or constitute a binding offer to acquire Atlas or any of its securities or assets, or a proposal of definitive terms for any transaction. Complementary Expertise - The addition of Ekata's technology and engineering teams will help bolster the support Mastercard can provide as a one-stop partner for any consumer, bank, merchant, fintech or governments data, payment and open banking needs. The U.S. State Department, which oversees American arms sales, has given the green light for Canada to buy up to 16 advanced P-8A Poseidon surveillance aircraft. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! With APR Energys modest US$61mm revenue contribution for the half year ending June 30, 2022, we cannot rely on APR Energy to hedge the impending downturn in Atlas containership leasing business. Atlas preferred shares will continue trading on the NYSE under current terms. This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Atlas and Poseidon Announce Completion of Acquisition by - TipRanks 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. The information and documents contained in this area of the website may not be sent or in any other way transmitted, made available or distributed in the United States of America, Canada, Australia or Japan or any Other Countries. | Source: Atlas operates in a highly competitive and concentrated customer sector. Post-announcement, 2-year Treasury yields crossed 4% for the first time since 2007. The previous proposal was opposed by Albright Capital Management, which acquired a large minority position in the company when APR Energy was merged with Seaspan Corp to form Atlas in 2020. By bringing the capabilities, technologies and teams together, there is the potential to deliver even more trust and peace of mind, well beyond identity verification and identifying fraud trends. Gross fleet capacity is expected to grow by a record 8.2% in 2023, significantly outpacing forecasted throughput growth at 2.7%. These forward-looking statements represent Atlas' estimates and assumptions only as of the date of this release and are not intended to give any assurance as to future results. Digital identity is a foundational part of Mastercards multi-layered approach to security. Atlas Corp. Announces Receipt of "Take Private" Proposal Get the latest Mastercard news in your inbox. ", "Poseidon Acquisition Corp. is pleased to have reached this agreement to acquire the Atlas Corp. shares not previously owned by our shareholders," said Mr. Sokol. The company uses insights to deliver unique scores, data attributes and risk indicators that businesses then use to make more informed decisions. Since the time we made our proposal on August 4, 2022 and up to September 23, 2022, the financial markets have deteriorated significantly, with the S&P500 Index declining 11.0%. No information contained on any website referenced in this press release is incorporated by reference herein. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the Company's filings with the SEC, which include, but are not limited to, those found in the Company's Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on March 16, 2023, the Company's Proxy Statement filed as an exhibit to Schedule 13e-3, filed with the SEC on January 9, 2023, and the Company's other filings with the SEC. Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon. Privacy Policy Usage Terms. That framework is now in use across a number of sectors, from education to . Actual results may differ materially from those expressed or implied by such forward-looking statements. Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon. Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. The top eight liners account for approximately 80% of the market share by TEU capacity as of August 2022, while Atlas top three customers (COSCO, Yang Ming, ONE) have contributed over 60% of its annual revenue since FY2019, based on Atlas annual reports. The per share purchase price represents a 34% premium to Atlas unaffected share price as of August 4, 2022, the last trading day prior to a publicly disclosed proposal from Poseidon to acquire Atlas. In order to access the information and documents contained in this area of the website, I declare that I am not currently located in the United States of America, or currently located in or resident in Canada, Japan or Australia, or situated in any Other Countries. Mastercard is a global technology company in the payments industry. This means that every time you visit this website you will need to enable or disable cookies again. , . This release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. The investment firm argued on Sept. 6 that Atlas was worth between $23 and $29 per share. When typing in this field, a list of search results will appear and be automatically updated as you type. Gina Accordino, Mastercard Investor Relations. "Poseidon Acquisition Corp. is pleased to have reached this agreement to acquire the Atlas Corp. shares not previously owned by our shareholders," said Mr. Sokol. Exclusive news, data and analytics for financial market professionals, Reporting by Shivam Patel in Bengaluru; Editing by Sherry Jacob-Phillips, Exclusive: Alberta agency, China private equity fund ends partnership, Goldman Sachs may exit partnership with Apple, Wall Street Journal reports, HDFC to merge into HDFC Bank on July 1, create Indias financial behemoth, GM buys Israel-based software startup to detect early battery defects, Disney accused in lawsuit of 'systematically' paying women less than men in California, Botswana signs new diamond sales deal with De Beers, Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows, US chicken producers ordered to face price-fixing claims, Horse racing-Churchill Downs reinstates suspended trainer Joseph. Poseidon Acquisition Corp. Continues Discussions to Acquire - GlobeNewswire Fairfax, Washington and Mr. Sokol currently own approximately 68% of the outstanding common shares. Atlas does not intend to revise any forward-looking statements in order to reflect any change in its expectations or events or circumstances that may subsequently arise. It is our hope that in light of this significant increase in value, the Special Committee will conclude that this transaction represents full, fair and certain value and is in the best interest of Atlas shareholders. Atlas Corp. 20 Jan, 2023, 08:00 ET. Any forward-looking statements in this press release are made only as of the date of this press release. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this release. We target long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. To attend the conference call or webcast, participants should register online at ir.atlascorporation.com/events-and-presentations, and you will be provided with details to access the event. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this release. The Ekata product suite is powered by the Ekata Identity Engine, comprised of two proprietary data sets the Ekata Identity Graph and the Ekata Identity Network. Aug 4 (Reuters) - Asset manager Atlas Corp (ATCO.N) said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion. Atlas will continue payment of all ordinary course quarterly dividends regardless of the timing of any closing. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. You should carefully review and consider the various disclosures included in Atlas' Annual Report and in Atlas' other filings made with the SEC that attempt to advise interested parties of the risks and factors that may affect Atlas' businesses, prospects and results of operations. For more information, visit atlascorporation.com. These forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Atlas' control (including actions by third parties and regulatory authorities). We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. This implies a meaningful risk of a substantial decline in re-contracted charter rates as existing charters roll off schedule. Cautionary Note Regarding Forward-Looking Statements. "We all look forward to continuing our relationship with our talented CEO Bing Chen and the excellent Atlas, Seaspan and APR Energy employees under his direction.". The consortium, formed by certain affiliates of Fairfax Financial Holdings Limited, certain affiliates of the Washington Family, David Sokol, chairman of the board of Atlas, Ocean Network Express (ONE) and certain of their respective affiliates, has come to an agreement with Atlas, according to which Poseidon Acquisition Corp. will acquire all outstanding common shares of Atlas not owned by Fairfax,Washington and Sokol for US$15.50per share in cash. At the time, Poseidon said it had proposed buying it for $14.45 per share. Poseidon Acquisition Corp. Unilaterally Increases Its Bid Price to PVH Corp. hiring Director Buying & Demand Planning in - LinkedIn A replay of the call will also be available approximately two hours following the conclusion of the call and accessible until November 1, 2023, on the same webpage. This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. I look forward to continuing to work with David and the rest of the Atlas team as we continue our progress, including preparing for the launch of our new vessel fleet, which we expect to be fully delivered by 2024., Poseidon Acquisition Corp. is pleased to have reached this agreement to acquire the Atlas Corp. shares not previously owned by our shareholders," said Mr. Sokol. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Poseidon Acquisition Corp. acquires Atlas for US$10.9 billion in an all-cash transaction November 1, 2022 Atlas Corporation, the parent company of Seaspan, has accepted the buyout offer by Poseidon Acquisition Corp. and the consortium will acquire the New York-listed company for around US$10.9 billion. ", "Atlas has continued to develop its long-term strategic partnerships and differentiated business model to position the Company for sustainable and quality growth. LONDON, UK, Nov. 1, 2022 /CNW/ - Atlas ("Atlas" or the "Company") (NYSE: ATCO) and Poseidon Acquisition Corp. ("Poseidon"), an entity formed by certain affiliates of Fairfax Financial Holdings Limited ("Fairfax"), certain affiliates of the Washington Family ("Washington"), David Sokol, Chairman of the Board of Atlas, and Ocean Network Express Pt. We therefore urge the Special Committee to carefully consider the implications of the prevailing macroeconomic weakness and rising cost of capital on Atlas business, cash flows and valuation. Information on the Company's website is not part of this release. Upon the closing of the transaction, Atlas common shares will cease trading on the New York Stock Exchange (NYSE). LONDON and TORONTO, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Atlas ("Atlas" or the "Company") (NYSE: ATCO) and Poseidon Acquisition Corp. ("Poseidon"), an entity formed by certain affiliates of Fairfax Financial Holdings Limited ("Fairfax"), certain affiliates of the Washington Family ("Washington"), David Sokol, Chairman of the Board of Atlas, and Ocean Network Express Pte. 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. Azerion is a high-growth digital entertainment and media platform. LONDON and TORONTO, March 28, 2023 (GLOBE NEWSWIRE) -- Atlas Corp. ("Atlas" or the "Company") (NYSE: ATCO) and Poseidon Acquisition Corp. ("Poseidon"), an entity formed by certain. The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data. Poseidon Acquisition Corp comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family and ONE. 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 | MarketScreener Homepage Equities United States Nyse Atlas Corp. News Summary ATCO MHY0436Q1098 ATLAS CORP. (ATCO) Add to my list Summary Quotes Charts News Ratings Will KostlivyInvestor RelationsAtlas Corp.Tel. Shareholders of Atlas are urged to carefully read these documents, as they may be amended from time to time, before making any decision with respect to the transaction. Pursuant to the terms of the Agreement and Plan of Merger, dated October 31, 2022, by and among the Company, Poseidon and Poseidon Merger Sub, Inc. (Merger Sub), Merger Sub merged with and into the Company (the Merger), with the Company continuing as the surviving company in the Merger. You are cautioned not to rely on these forward-looking statements, which speak only as the date of this release. Atlas Corp. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. 3. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. We believe this transaction with Poseidon is an exciting culmination of those efforts for our shareholders," said Bing Chen, president and CEO of Atlas Corp. , . 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. In addition, as previously announced, the first quarter dividend of $0.125 per share payable to common shareholders of record as of March 20, 2023 will be paid on March 31, 2023. Shareholders of Atlas are urged to carefully read these documents, as they may be amended from time to time, before making any decision with respect to the transaction. New Capabilities Strengthen Trust in Every Interaction Through AI-Powered Identity Verification Reinforced By Commitment to Strong Data Management Principles.