ONE, along with affiliates of Fairfax Financial Holdings, the Washington Family, and David Sokol, Chair of Atlas, have formed Poseidon Acquisition Corp, which has made an offer to acquire all outstanding shares in NYSE-listed Atlas.

Poseidon is offering $14.45 per share, Fairfax, Washington and Sokol, together control approximately 68% of Atlas’ common shares.

The world’s largest, independent, containership tonnage providers Seaspan is wholly-owned by Atlas.

David Sokol, 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 certainty of value at a significant premium to the current share price, while allowing Atlas to focus on the long term without the emphasis on short-term results and providing Atlas with an ideal strategic partner to support its future growth.”

As part of the bidding consortium ONE said: “ONE will be negotiating with Atlas as part of the consortium.”

The offer represents 32.1% and 28.8% premium over the 30 day and 60 day average closing prices of the Company’s common shares of $10.94 and $11.22, respectively.

As of end March 2022 Seaspan’s operating fleet consisted of 132 vessels with a total capacity of 1.15m  teu, and an additional 67 newbuildings on order. Capacity of existing vessels and newbuildings totals 1.96m teu, not including four 7,700 teu vessels ordered in May this year. The newbuilding programme is fully financed.

The company names 17 charterers on its website including all the six largest container lines in the world – Maersk, MSC, CMA CGM, Cosco, Hapag-Lloyd, and ONE.

Atlas is expected to form a special committee of independent directors to review the offer and accept, reject or negotiate terms with the bidder.