Welcome to our dedicated page for Atlas Corporation news (Ticker: ATCO), a resource for investors and traders seeking the latest updates and insights on Atlas Corporation stock.
This page contains historical news coverage for Atlas Corp. (ATCO), which operated as a global asset management company specializing in maritime and energy infrastructure assets. The company filed Form 15-12G with the SEC, terminating its registration and ceasing public reporting obligations. This archive provides context on the company's operations, strategic developments, and corporate actions during its time as a publicly traded entity.
Atlas Corp. generated news through various corporate activities including dividend declarations on its preferred shares, strategic acquisitions and partnerships in the maritime sector, and significant corporate restructuring events. The company's portfolio companies, Seaspan Corporation and APR Energy Limited, contributed to the news flow through operational developments such as entering new market segments, vessel acquisitions, and contract announcements.
Major corporate events in Atlas Corp.'s history included its merger with Poseidon Acquisition Corp., completion of share redemption programs, and various financing and refinancing activities. The company's news also encompassed quarterly and annual financial results, regulatory filings, and shareholder meeting announcements. Browse this historical archive to understand the company's evolution, strategic direction, and the events that shaped its trajectory before deregistration.
Poseidon Acquisition Corp., leading a consortium that includes Fairfax Financial Holdings and others, has raised its bid for Atlas Corp. (NYSE: ATCO) to $15.50 per share in cash. This new offer, conveyed on September 26, 2022, is described as Poseidon's final and best proposal to acquire outstanding shares of Atlas. Poseidon emphasizes that this increase reflects the company's commitment to providing full, fair, and certain value to Atlas shareholders. The consortium aims to facilitate the transaction amidst challenging macroeconomic conditions.
The Washington Companies announced the retirement of Larry Simkins as President and CEO after 21 years. Mark Lamarre, formerly CEO of Seaspan Shipyards, will succeed him, having worked closely with Simkins on the transition since 2021. The Board expresses gratitude for Simkins' leadership and acknowledges Lamarre's proven track record in shipbuilding. Additional leadership changes include John McCarthy as CEO of Seaspan and Jerry Lemon as President of Washington Investments. The company continues to focus on a growth strategy with revenues exceeding $1.6 billion.
On September 15, 2022, Seaspan Corporation, a subsidiary of Atlas Corp. (ATCO), announced that contracts for four new dual-fuel LNG containerships have become null and void due to unmet conditions by the counterparty. Seaspan has formally notified the relevant parties and reserves the right to claim against the counterparty. This announcement updates the previous release from May 17, 2022. As of June 30, 2022, Seaspan operated 127 vessels with a total capacity of 1,156,630 TEU, aiming for a larger fleet capacity of 1,919,630 TEU upon completion of 63 vessels under construction.
Albright Capital Management, a significant minority shareholder in Atlas Corporation (NYSE: ATCO), announced its intention to vote against the $14.45/share unsolicited offer from a consortium of insiders and ONE. They believe ATCO shares remain significantly undervalued, estimating a fair price between $23 and $29/share by 2024 based on future revenue growth. Albright Capital argues the offer undervalues ATCO's business potential and forecasts a significant growth in revenues from $1.7 billion in 2022 to $2.4 billion in 2024, reflecting management's projected EBITDA growth.
Atlas (NYSE: ATCO) announced the formation of a special committee of independent directors to evaluate a non-binding acquisition proposal from Poseidon Acquisition Corp. This proposal, received on August 4, 2022, suggests a cash acquisition of Atlas shares at $14.45 each, excluding shares owned by major stakeholders. Atlas has engaged Morgan Stanley as a financial advisor for this evaluation. The Board has not made any decisions regarding the proposal, which is still in the review process and does not constitute a binding commitment.
Atlas Corp. (ATCO) reported Q2 2022 results with a 4.9% revenue growth to $413.3 million and net earnings of $140 million, translating to a diluted EPS of $0.43. Adjusted EBITDA rose by 2.6% to $279.5 million. The company realized $224.3 million from the sale of nine vessels and secured $201.3 million from the exercise of warrants, increasing liquidity to $1.1 billion. Despite challenges, Atlas maintains a robust balance sheet with a debt-to-assets ratio of 51.2% and a gross contracted cash flow of $17.8 billion.
Atlas (NYSE: ATCO) has received a non-binding proposal from Poseidon Acquisition Corp. to acquire all outstanding common shares, excluding those owned by certain affiliates, for $14.45 per share. The proposal, dated August 4, 2022, requires approval from a special committee of independent directors and a majority of the outstanding shares held by non-affiliates. Currently, the consortium holds over 50% of shares. Atlas cautions shareholders that the proposal is merely an indication of interest and has not yet been evaluated.
A consortium led by David L. Sokol, along with Fairfax Financial Holdings, the Washington Family, and Ocean Network Express, has proposed a cash acquisition of Atlas Corp. (ATCO) at $14.45 per share. This offer represents a significant premium of 32.1% over the 30-day average price of $10.94. The proposal aims for all Atlas shareholders to gain immediate liquidity, while Sokol and other consortium members retain their shares post-transaction. The deal requires approval from a majority of Atlas's minority shareholders, ensuring no change in control for the company.
Atlas Corp. (NYSE: ATCO) will announce its financial results for Q2 2022 on August 9, 2022, after market close. A conference call is scheduled for August 10, 2022, at 8:30 a.m. ET to discuss these results. Interested parties can register for the call online and will receive access details. A replay will be available two hours post-call until August 10, 2023. Atlas is recognized for its disciplined capital deployment in creating sustainable shareholder value through high-quality infrastructure assets.
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