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Atlas Corp. (ATCO-PH)

NYSE - NYSE Delayed Price. Currency in USD
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21.22-0.06 (-0.28%)
At close: 04:00PM EDT

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  • i
    irish
    I don't see where they told us what the independent board came up with for a fair buy out number.. If it was $15.50 they would have reported it in this release. My guess is it came in considerably higher and so they are not going to tell us. Is that even legal? When they reported that they were going to hire an independent board to determine value most of us were hopeful that they would come in with a fair number approaching or exceeding $20/share.. We relied on it . Can they hire the board and then ignore their recommendations.?
  • P
    Pete
    Message to Poseidon Acquisition Corp: My Best and Final Answer is still "no"
  • S
    Statesrip
    A few thoughts
    1. The independent committee will come out in favor of the revised offer that is why the offer was raised. I say this because fairness opinions don't take 5 1/2 weeks to put together. I believe that the committee indicated to Atlas that if the offer was increased it would recommend acceptance-that is how the game is played.
    2. The decline in the market since the first offer has helped make the deal more attractive because the comps that will be used justify the price have all declined a lot
    3. The deal will be approved by the voters because the big holders, particularly the arbs, have a large vested interest in having the deal go through.
    4. Retail holders such as myself simply don't control enough shares to block the deal.
  • N
    Nick
    If I were to sell now, I’m pretty confident I would look back in 2 years an see that I gave it away for half of what it is worth, or worse. Two years ago Sokol said that APR will probably be bigger than Seaspan in 10 years. I want to see that play out.
  • B
    BJNEWBOY
    3 billionaires know what this stock is worth and it is a hellava lot more than $15.50 a share.
  • S
    Sir John T
    In the 36 days since the first offer was made at $14+, the average daily volume has increased by about one million shares a day. ATCO's "float" as reported by Yahoo is about 76 million shares....so, doing the math and, assuming the acquisition group wants to do this for even less than they're willing to pay average shareholders, they have essentially taken down half the float at what looks like less than $14.25.
    Pretty smart move.
    I still will vote NO....and minority shareholders do have rights under the securities laws. The only fly in the ointment is that the company shows its headquarters as being in the UK.
  • S
    Sir John T
    When this all started, I said $16.50 would be a minimum expectation for a bid raise....$15.50 doesn't "float my boat" and I'd rather hold ATCO shares and what they have ahead of them than play games with someone trying to be generous by a minimal raise.

    To be clear about my view, I like ATCO's position in its market and believe a realistic target price is around $25 in 2 years (3 years max). The nice dividend also softens the impact of the current bear market....so I remain a staunch "NO" vote.
  • S
    Statesrip
    I will vote against the deal as will a lot of retail investors many of whom have posted here. However, the deal rises or falls on what the big holders such as Capital Research (11+ million shares) and the arbs want to see happen.
  • D
    Doctor
    This is a joke right? We are going to see a press release later that says “Just kidding $17”!
  • G
    Go4two
    Think about it, 3 billionaires wanting to take this company private. They can pay more.
  • G
    Go4two
    Who's going to take a big chance for a 10% ROI? Spread between current price and b/o offer is almost 10% currently. I might have to buy another 10K shares?
  • R
    Retireyung
    slippery Sokol should be in jail ............Lubrizol was only the first time he got caught ...APR was also a rip off to shareholders and now the attempt to take private .......... sokol cares little for the retail investor he is in it for Sokol .......
  • i
    irish
    Based on todays action it is apparent that several investors believe that this "going private" is not going to get done. This company has tremendous value. None of the bad news that they keep talking about
    as it relates to container shipping effects ATCO.. Their rates are locked in. This is the exact environment that Sokol and company have been protecting against. This thing will get done as the consortium is well aware of this companies value.
  • i
    irish
    It has now been exactly 5 weeks since the news release indicating that an independent board has been selected to analyze the $14.45 offer. We were told at the time that it would be 2-3 weeks before a number is reached . Why such a lengthy delay? should we interpret this as a positive(ie. the value came in so high that the big boys are analyzing whether they have the funds and the desire to complete it) or is it negative(the number is so low that the consortium knows that we will never accept it, thus killing the deal). Thoughts please
  • R
    Retireyung
    The committee of independent board members will recommend either rejection or acceptance and put it to a vote. From a legal perspective it is hard to imagine them doing something different. The consortium might decide to with draw its offer if the recommendation is against the deal, but the committee will take no legal risk
  • P
    Peace and Love
    $15.50 is what they came up with smh
  • G
    Go4two
    This is such BS! The conflict of interest here is unheard of in the business world. Offer us what is really worth and you have a deal boys!

    Buyout bid increased for Seaspan’s parent
    BUSINESS & FINANCE
    September 27, 2022, by Jasmina Ovcina Mandra
    Atlas Corporation, the owner of the world’s largest lessor of containerships, Seaspan Corporation, has received an increased bid for all of its outstanding shares from the Poseidon Acquisition Corp.

    The consortium, composed of David L. Sokol, Chairman of the Board of Directors of Atlas Corp., affiliates of Fairfax Financial Holdings, the Washington Family, and Ocean Network Express, increased its bit to $15.50 per share in cash or $4.4 billion in total.

    Poseidon Chairman David L. Sokol stated that the increased bid price represents the consortium’s final and best offer. The non-binding proposal was conveyed on September 26, 2022 in a letter to Atlas’ Special Committee.

    The move follows on the back of a bid made by the consortium in August this year which offered $14.45 per share in cash.

    “In an effort to reach a conclusion and bring certainty to Atlas and its shareholders, we are hereby increasing our offer from $14.45 to $15.50 per common share.

    “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. If the Special Committee concludes otherwise, we will withdraw our proposal. We do believe that Atlas shareholders are amenable to a transaction and would want the opportunity to consider this proposal for themselves. It is our hope and preference to work constructively with the Special Committee to allow them to do as such,” the Poseidon Acquisition Corp said in the letter.

    The consortium added that since its initial bid, the financial markets deteriorated significantly, pushing down share prices of Atlas’ closest peers in the containership leasing sector. Shares of Costamare, Global Ship Lease, and Danaos, have fallen by 15.9%, 17.4% and 21.8%, respectively, over the same period.

    Seeing that Atlas’ cost of capital has risen significantly alongside the current rising interest rate environment, the consortium urged the committee to “carefully consider the implications of the prevailing macroeconomic weakness and rising cost of capital on Atlas’ business, cash flows and valuation.”

    The letter further added that with the latest charter rate decline, record vessel deliveries and impending investments to meet IMO regulations Atlas would be subjected to considerable market pressure.

    “In line with the International Maritime Organization’s strategic initiatives to reduce greenhouse gas emissions from vessels by at least 70% from 2008 levels by 2050, we expect Atlas to continually incur substantial capital expenditure in vessel refurbishment or replacement. Atlas’ vessels may turn obsolete well ahead of the currently envisaged useful lives, thereby adversely impacting Atlas’ expected return on investment and value vis-à-vis the company’s current business plan,” the letter said.

    “In conclusion, we reaffirm our belief that Atlas would be able to navigate the industry headwinds more nimbly as a private platform, with greater stability and scale through the addition of ONE as a strategic shareholder and partner. We look forward to a favorable and timely response to our proposal.”

    The consortium already controls approximately 68 percent of the fully-diluted outstanding common shares of Atlas.

    Seaspan’s operating fleet consists of 127 vessels with a total capacity of 1.1 million TEU and an additional 63 vessels under construction. With the latest contract termination for four LNG-powered newbuilds, these now include 25 LNG-fuelled vessels.
  • B
    BJNEWBOY
    So, what happens if you don't turn in your shares and don't sell?
  • G
    Go4two
    Just watched David Sokol being interviewed on The Ingram Angle about the ESG hoax. I have a new respect for David. I can only hope he has the best interest for us minority shareholders.
  • P
    Peace and Love
    Prem and Sokol are up to something. I just want them to pay us a fair price for ATCO. It’s taking a mighty long time for this committee to respond to the offer. Full disclosure, I also own Fairfax so I wish them the best with taking ATCO private.