Asset manager Atlas Corp. to be acquired by Poseidon Acquisition in deal valued at $10.9 billion

Asset manager Atlas Corp.
ATCO,
-0.07%
said Tuesday it has agreed to be acquired by Poseidon Acquisition Corp. in a deal with an enterprise value of about $10.9 billion. Poseidon was formed by affiliates of Fairfax Financial Holdings Limited, certain affiliates of the Washington Family, David Sokol, chairman of Atlas, and Ocean Network Express Pte. Ltd., and certain of their respective affiliates. The entity will pay $15.50 in cash for each Atlas share owned, equal to a 34% premium over Atlas’ unaffected share price as of August 4, 2022, the last trading day prior to a publicly disclosed proposal from Poseidon to acquire Atlas. The deal is expected to close in the first half of 2023, at which point, the stock will stop trading on the New York Stock Exchange. Atlas shares rose 2.8% premarket on the news and are up 3.4% in the year through Monday’s close, while the S&P 500
SPX,
-0.75%
has fallen 19%.