Poseidon Acquisition consortium has completed a $10.9bn takeover of Seaspan parent Atlas.
The consortium, composed of Japanese liner operator Ocean Network Express (ONE), Atlas chairman David Sokol, certain affiliates of Fairfax Financial Holdings and the Washington family, paid $15.50 per share in cash to acquire all of the outstanding common shares of Atlas that it did not already own or control.
The per-share purchase price represented a 34% premium to Atlas’ stock’s last trading day before the proposal from Poseidon to take the asset manager private was disclosed last year.
The transaction closure will see Atlas common shares cease trading on the New York Stock Exchange. Atlas’ subsidiary Seaspan is the world’s largest containership lessor, operating a fleet of more than 130 vessels with nearly 60 more units under construction.
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