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Atlas rallies as consortium raises take-private offer

atlas-rallies-as-consortium-raises-take-private-offer

Shares of Atlas Corp. ATCO, +3.18% jumped nearly 8% in premarket trades on Monday after a buyout group including Atlas Corp. chairman David L. Sokol increased its take-private offer for the container ship and mobile power company to $15.50 a share, up from its Aug. 4 offer of $14.45 a share. Poseidon Acquisition Corp., on behalf of a consortium made up of Sokol, Fairfax Financial Holdings Ltd. FFH, +0.97%, the Washington Family, and Ocean Network Express Pte. Ltd. said the price of $15.50 a share represents Poseidon’s final and best offer. Poseidon made the offer in a letter to a special committee of the Atlas board of directors. Atlas Corp. shares closed at $13.52 a share on Friday, with a market capitalization of $3 billion.

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