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Atlas Corp. (ATCOL)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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25.00-0.00 (-0.00%)
As of 03:30PM EDT. Market open.

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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?
  • 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.
  • 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.
  • 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.
  • 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
  • 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?
  • 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
  • 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.
  • 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.
  • 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.
  • 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!
  • i
    irish
    What happened to the 6 vessels they were to sell to ZE/APR. That transaction, which we were told twice would happen in the second quarter was to generate close to $100m in profits, or $.27 share. That would have propelled earnings to over $.60 this quarter. The consensus is $.36. Had that been announced the stock would have quickly moved past $14. If they are delaying this transaction to keep the earnings down then that would spell big trouble for the "consortium". We will find out next Tuesday as they report after hours.
    This offer is woefully inadequate and they know it. This is why they are hiring and independent board to evaluate the offer. They are essentially taking the existing board off the hook for any liability for approving this low offer. I am certain they wanted nothing to do with it. This does not pass the smell test. The independent board will come up with a higher price to avoid their liability and then it will be up to the consortium to approve or decline. The plan has been in the works for a while including the suspicious downgrade to $10.50 per share by Stifel Nicolas on July 19th. That certainly helped drive the price down.
    Hold long and strong. I don't see a big downside from here. The consortium is declaring a value if $14.45 and the independent board will likely raise that at least a couple of dollars. That should put a floor under the stock. of at least $14.
  • B
    BJNEWBOY
    I have a question. If Atlas is really worth more than offered and worth $20.00 like is suggested, would there be a chance for a counter offer from someone else and sadly why nothing so far?
  • H
    Harvey
    This is an inside job on the pricing of the takeout they see a better return by being included as part of the takeover ; all the value hAs been put in place with big returns as result of the build out / contracts over the next 2 years The pricing based on all the material we have been given should be closer to $20. a share than 14 and the shares had dropped because it was perceived downturn coming in the economy and business do not let these shares go for such an under valued price Vote against the insiders who will be taking the value with them

    Herve
  • P
    Peace and Love
    I respect quite a few of you on here as value investors so it’s only right that I ask y’all to share any good ideas you may have after we cash out of ATCO. Please share what you are buying at the moment as a value stock. Otherwise it’ll all go to my best ideas at the moment, which are BABA and NFLX. Thx!
  • G
    Greg
    NOTICE TO ALL MINORITY SHAREHOLDERS OF ATLAS CORP., this offer to take Atlas private is nothing more than Piracy by Fairfax Financial and the Washington Family. This offer doesn't even match the 52 week high if $16.49. Currently, Seaspan operates 132 ships on the water, but they have 67 new builds that they will start to add beginning in 2023=25, and all of them are already fixed to very profitable long term charters. There an estimated 81M shares outstanding that aren't controlled by the offering party, we need to make sure that at least 50M of those shares vote NO on this offer. A "fair offer" for ATCO would be in the range of $25-28/share, once you have adjusted revenue and earnings to reflect all of the new builds coming on board. HOLD STRONG, and be ready for a stock buyback potential.
  • G
    Go4two
    How many write downs will we see today in the earnings report? I have a feeling Mgmt will make the 2nd qtr look as bad as they can so they can make the $14.45 offer look better.