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Atlas Corp. (ATCO)

NYSE - NYSE Delayed Price. Currency in USD
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14.34+0.30 (+2.14%)
At close: 04:00PM EDT
14.28 -0.06 (-0.42%)
After hours: 05:29PM EDT

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  • A
    Anonymous
    This is interesting: https://www.newswire.com/news/lf-partners-charles-frischer-sends-letter-to-atlas-corporation-special-21796411

    Someone agrees with the comments here. I wonder if the proposal really will be voted down unless they increase the price of the offer. Maybe those $15 calls for January aren't a terrible idea.
    Frischer requests at least a $2.05 increase to the current $14.45 bid.
    Frischer requests at least a $2.05 increase to the current $14.45 bid.
    www.newswire.com
  • P
    Pete
    The last few days, well, since the offer, the volume has been 2-3 times the average daily volume. Who is selling all these shares at a 2% or 3% discount to the offer price, let alone the true value (and possible higher take-out offer) of this company?
  • i
    irish
    Does anyone have an estimate as to how long it will be before the New board comes up with their recommended "fair" price
  • G
    Greg
    When all of the new builds are delivered, this company will have earnings of over $3.35/sh by 2025, vote NO untill $22.50/sh is offered.
  • P
    Peace and Love
    Thanks for sharing @Anonymous! Charles Frischer is my hero! Thank you sir for taking the time to write to the special committee. Well said with the exception of the minimum offer price to be around 16; it should be $20
  • C
    Carl Jr.
    Article on the takeover proposal: https://stockpicking.substack.com/p/the-atlas-corp-special-situation
  • S
    Sir John T
    BTW, the recent price and volume action suggests that a revised offer may soon be forthcoming....maybe $17 or more...gets us closer to my hold out $20 value for the stock.
  • S
    Sir John T
    ATCO is a "buy" in my eyes under $14. If that's reasonably correct, then a takeover ought to be worth at least $20. I will not, if given the opportunity, vote for the $ 14.45 "deal" offered.
  • D
    D
    Looks like the acquiring group owns all but 88 million shares. So raising the offer by $2 per share increases their acquisition cost by $172 million. $3 per share increases it by $260 million. In the grand scheme of things these amounts are small potatoes.
  • P
    Peace and Love
    The more shareholders we have on here making a case for a $20+ per share, the more likely this special committee will counter with a higher offer. Remember, the majority shareholders would rather we get a higher price bc they benefit from their assets being valued higher even with the company going private. More importantly, they want us minority shareholders to go away happy so it doesn’t attract press of them low balling us. This can’t be final offer. Hold on tight to your shares
  • G
    Go4two
    There can be no way an independent board could approve $14.45 when D. Washington bought 2.5M shares in the open market at $15.34 back in Sept 21. He is a billionaire with hundreds of bean counters that know what things are worth.
  • j
    jerry
    As regards the preferred shares. Bookfield took over a company and left the preferred shares (ALIN-E) blowing in the wind. They stated that they were suspending the dividend for 5 years as they had to take out a large loan to pay for the common shares. That was a year ago. A few days ago ALIN-E traded as low as $1.29/ share. I believe they are preparing to put the preferred shares through bankrupcy.
    This deal sounds similar.
  • J
    Jim
    Does anybody else find it odd that the current share price isn't butted right up against the offer price of $14.45?
  • S
    Sir John T
    Maybe the "Take private" consortium has been a major buyer ever since announcing their plan....if they can gather up enough shares at an average price of $14, it will be psychologically easier for them to up the revised bid to a higher price.....$16.50 is a number that makes more sense....BUT, to be clear, the real value lies well above $20.....a year or two from now.....

    Of course, if some shares are sopped up by Poseidon, we minority shareholders will still have a right to a vote and I'd still be happy voting NO unless they raised their offer to $20 ++.
  • c
    chip
    Aren't the preferreds a buy at the current bid levels? I read the original prospectus on the PH and it said that upon liquidation, the fixed liquidation price is $25.00 plus any accruded interest. Liquidation apparentl means dissolution or winding up of our affairs. I asume taking the company private would be a liquidation? BTW on Friday 3% of PH was sold. Therefore 97% was not.
  • i
    irish
    Numbers actually look good. But i don't see where they accounted for the profits generated on the nine vessels they sold. That number would be over$100 m. Anyone see it differently
  • B
    Best2Listen
    I bought this many years ago, not long after Sokol took over. The last couple of years I watched as other container ship stocks profits and stock price soared. I bought ZIM on its first day of trading. ATCO stock did very little during that time and wound up missing the greatest bull market in the history of the industry. I was okay with it because they were setting up for the long term with massive increases in sustainable cash flows beginning in 2023 and continuing for a decade.
    This offer takes that reward away from shareholders and gives it to the entities in control.
    For those old enough to remember, it feels like Lucy pulling the football away from Charlie Brown just as he is about to kick it.
  • L
    Led Tasso
    I would be surprised if this passed a fairness opinion test...but who knows.
  • G
    Greg
    I did another reading of the "offer" and the cash commitment letters are as follows: 1) Ocean Network Express (ONE) for $1,400,000,000; 2) Deep Water Holdings (collectively the Washington Family Holdings) for $175,000,000; 3) David Sokol (DS) for $30,000,000; 4) Fairfax Financial (FF) for $0.00 funds. Total funds pledged to buy out the 81M minority shares is $1,605,000,000, or a max of $19.80/sh. So, with an initial offer at $14.45, I am expecting that the "Independent Board" will find the offer too low, and recommend an increase to $17.50-$18.00 for each of the 81M outstanding shares. This is still inadequate as the share price should be above $22/sh within 18 months. VOTE NO!
  • s
    samuel
    Earning call stresses the buyout offer was unsolicited. That’s the best reminder that when a major shareholder owns so much of a company they can do what they like to buy more and get the support of the Chairman and CEO. So what is the surprise for preferred shareholders? There shouldn’t be any. Even if this attempt fails, the company could be healthier private. At some point trading unlisted preferred will become more liquid and visible. Why? Because that’s the purpose of financial intermediaries, to create market efficiencies. Going private is oftentimes a better business strategy then staying public.