LONDON,
UK, Oct. 6, 2022 /CNW/ - Atlas Corp. ("Atlas"
or the "Company") (NYSE: ATCO) today confirmed that the Special
Committee of independent directors (the "Special Committee") has
continued negotiations with Poseidon Acquisition Corp.
("Poseidon"), an entity formed by certain affiliates of Fairfax
Financial Holdings Limited, certain affiliates of the Washington
Family, David Sokol, Chairman of the
Board of Atlas, and Ocean Network Express Pte. Ltd., and certain of
their respective affiliates (together, the "Consortium") regarding
the previously announced proposal for a transaction in which the
Consortium would acquire all of the outstanding common shares of
Atlas that the Consortium does not already own or control. As
disclosed today by the Consortium, the Special Committee and the
Consortium have made meaningful progress in negotiation of a
potential transaction at a per share cash price of $15.50, plus payment of all ordinary course third
quarter and fourth quarter 2022 dividends regardless of the timing
of any closing.
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Atlas cautions 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.
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in-class owner and
operator with a focus on disciplined capital deployment to create
sustainable shareholder value. We target long-term, risk-adjusted
returns across high-quality infrastructure assets in the maritime
sector, energy sector and other infrastructure verticals. For more
information, visit atlascorporation.com.
Cautionary Note Regarding
Forward-Looking Statements
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. All statements
included in this press release other than statements of historical
fact, including, but not limited to, expectations regarding the
proposed transaction, the evaluation and negotiation of any
transaction, and the currently contemplated terms of such
transaction are forward-looking statements. 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. As a result, you are cautioned not to rely on
any forward-looking statements. Forward-looking statements appear
in a number of places in this release. Although these statements
are based upon assumptions Atlas believes to be reasonable based
upon available information, they are subject to risks and
uncertainties. Forward-looking statements in this release are
estimates and assumptions reflecting the judgment of senior
management and involve known and unknown risks and uncertainties.
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 the Consortium). Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Accordingly, all forward-looking
statements should be considered in light of various important
factors listed above and including, but not limited to, those set
forth in "Item 3. Key Information—D. Risk Factors" in Atlas' Annual
Report for the year ended December 31,
2021 on Form 20-F filed with the SEC on March 24, 2022, and in its subsequent filings
with the SEC. 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. Atlas
expressly disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in Atlas' views or expectations, or
otherwise. 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.
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SOURCE Atlas Corp.