Seaspan Parent Gets $3.6 Billion Offer From Fairfax, Sokol
- Cash bid for Atlas Corp. offers a 25% premium to last close
- Bid conditional on committee, majority of other holders assent
The Seaspan Corp. Emerald container ship, left, sails past the China Ocean Shipping Group Co. England container ship at the Kwai Chung Container Terminal in Hong Kong.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Atlas Corp., the holding company that controls shipping firm Seaspan, said it received an offer from a shareholder group that includes former Berkshire Hathaway Inc. executive David Sokol and Canadian investment group Fairfax Financial Holdings Ltd.
The cash bid of $14.45 a share values Atlas at about $3.6 billion. It’s a 25% premium to Thursday’s closing price, but it’s also below where the shares traded as recently as April.