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CHAIRMAN OF ATLAS CORP., FAIRFAX FINANCIAL HOLDINGS LIMITED AND THE WASHINGTON FAMILY PARTNER WITH OCEAN NETWORK EXPRESS PTE. LTD. TO JOINTLY PROPOSE ACQUIRING ALL COMMON SHARES OF ATLAS CORP. NOT CONTROLLED BY ITS MAJORITY SHAREHOLDERS FOR $14.45 PER SHARE IN CASH
CHAIRMAN OF ATLAS CORP., FAIRFAX FINANCIAL HOLDINGS LIMITED AND THE WASHINGTON FAMILY PAR...
About this update from Fairfax Financial Holdings Limited
[{"type":"text","content":"\n \n \n \n CHAIRMAN OF ATLAS CORP., FAIRFAX FINANCIAL HOLDINGS LIMITED AND THE WASHINGTON FAMILY PARTNER WITH OCEAN NETWORK EXPRESS PTE. LTD. TO JOINTLY PROPOSE ACQUIRING ALL COMMON SHARES OF ATLAS CORP. NOT CONTROLLED BY ITS MAJORITY SHAREHOLDERS FOR $14.45 PER SHARE IN CASH\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LONDON\n \n and\n \n TORONTO\n \n \n ,\n \n \n Aug. 4, 2022\n \n \n /CNW/ -- A consortium composed of\n \n David L. Sokol\n \n , Chairman of the Board of Directors of Atlas Corp. (NYSE: ATCO) (\"Atlas\" or the \"Company\"), certain affiliates of Fairfax Financial Holdings Limited (collectively, \"\n \n Fairfax\n \n \")(TSX: FFH and FFH.U), the Washington Family, and Ocean Network Express Pte. Ltd. (the \"Consortium\"), a global container, transportation and shipping company, announced today that they have jointly proposed to acquire all of the outstanding common shares of Atlas that the Consortium does not already own or control for\n \n $14.45\n \n per share in cash, which represents a 32.1% and 28.8% premium over the 30 day and 60 day average closing prices of the Company's common shares of\n \n $10.94\n \n and\n \n $11.22\n \n , respectively.  The non-binding proposal was conveyed on\n \n August 4, 2022\n \n in a letter to Atlas' Board of Directors.\n \n \n \n Fairfax\n \n , the Washington Family, and\n \n David L. Sokol\n \n own or control approximately 68% of the fully-diluted outstanding common shares of Atlas and would continue their ownership in Atlas as part of the Consortium. Accordingly, the Proposal would not result in a change in control of the Company.  Consortium members have committed to fully fund the cash component of the Proposal.  It is contemplated that all Atlas preferred shares would remain outstanding following the proposed transaction.\n \n \n \n David L. Sokol\n \n , Chairman of the Board of Directors and member of the Consortium stated: \"The Consortium believes the proposed transaction will provide Atlas's common shareholders with immediate liquidity and certain...