Poseidon Acquisition Corp ups its bid presented to Seaspan-owner Atlas Corp in a proposal to take over the company, a letter published by Businesswire shows.

The consortium includes the Japanese container carrier ONE.

As previously reported by ShippingWatch, Poseidon Acquisition Corp sent a ”take private” proposal to Atlas Corp in early August. The consortium then offered to pay USD 14.45 per common share. Atlas Corp established a special committee to consider the proposal.

Above 1 dollar more per share

Now, the consortium states in a letter that it is upping its bid to USD 15.50 per share.

”It has been more than seven weeks since the submission of our offer to take Atlas Corp. (“Atlas”) private on August 4, 2022. In an effort to reach a conclusion and bring certainty to Atlas and its shareholders, we are hereby increasing our offer from $14.45 to $15.50 per common share,” the letter to the special committee reads, adding:

”It is our hope that in light of this significant increase in value, the Special Committee will conclude that this transaction represents full, fair and certain value and is in the best interest of Atlas shareholders.”

Seaspan is Atlas Corp’s main business, and Seaspan both owns and leases container vessels to shipping lines on a global basis.

The letter to Atlas Corp is signed by David Sokol, who chairs Poseidon Acquisition Corp. The rest of Poseidon is made up of shareholders Fairfax Financial Holdings, parts of the Washington Family and Ocean Network Express (ONE).

Evergreen, ONE much better at making money than their European competitors

Seaspan owner receives takeover proposal from group that includes ONE