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August 5, 2022

Poseidon proposes to acquire asset manager Atlas

Poseidon Acquisition Corp, a consortium group, has placed an all-cash takeover offer for asset management company Atlas Corp.

The consortium has sent a non-binding proposal letter to Atlas offering to acquire common shares of the asset manager for $14.45 in cash.

Poseidon is formed by certain affiliates of Fairfax Financial Holdings and the Washington Family, Atlas’ board chairman David Sokol, Ocean Network Express and other affiliates.

The potential deal will include all outstanding common shares of Atlas other than those owned by Fairfax, Washington, Sokol and certain executive officers of the company. The partners collectively own more than 50% of the company’s outstanding common shares.

According to a Reuters report, the transaction will value around $3.64bn.

The Atlas board plans to a special committee of independent directors to assess the proposal.

The possible transaction will proceed following the recommendation of the special committee and green light by the shareholders of the company not owned by the consortium.

Additionally, the proposal may be modified or withdrawn in future.

In a statement, Atlas said: “Atlas cautions its shareholders and others considering trading in Atlas securities that Atlas has only recently received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to Atlas response to the proposal.

“The proposal constitutes only an indication of interest by Poseidon and does not constitute a binding commitment with respect to the proposed transaction or any other transaction.”

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