Today, Mastercard (NYSE: MA) took steps to advance its identity verification efforts with the acquisition of Ekata for US$850 million. This website uses cookies so that we can provide you with the best user experience possible. Atlas targets long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. As container freight rates fall, liners and freight forwarders may not be able to cover vessel charter commitments, which may in turn result in re-negotiations or cancellations with containership lessors, as experienced by one of Atlas peers in August 2022. We strive to improve every day. Under the terms of the agreement, Poseidon will acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Mr. Sokol for $15.50 per share in cash. A copy of the letter is attached to this release. Fairfax,Washington and Sokol currently own approximately 68% of the outstanding common shares. Digital identity is a foundational part of Mastercards multi-layered approach to security. I look forward to continuing to work with David and the rest of the Atlas team as we continue our progress, including preparing for the launch of our new vessel fleet, which we expect to be fully delivered by 2024. 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. These forward-looking statements represent Atlas' estimates and assumptions only as of the date of this release and are not intended to give any assurance as to future results. Commitment to Privacy, Responsibility - Ekata shares Mastercards commitment to safe and secure data practices centered around the individual, further reinforcing their value to the end user. Atlas plans to release its financial results for the quarter ended September 30, 2022, after the market closes on Tuesday, November 1, 2022. Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. Gina Accordino, Mastercard Investor Relations. In addition, as previously announced, the first quarter dividend of $0.125 per share payable to common shareholders of record as of March 20, 2023 will be paid on March 31, 2023. Key InformationD. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Please enable Strictly Necessary Cookies first so that we can save your preferences! Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. This release contains "forward-looking statements." All statements included in this press release other than statements of historical fact, including, but not limited to, expectations regarding the timing, benefits and impact of the transaction, are forward-looking statements. See here for a complete list of exchanges and delays. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Atlas preferred shares will remain outstanding and continue to trade on the NYSE. We target long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Following completion of the transaction, Washington and Fairfax will own a majority of the equity of Atlas. See here for a complete list of exchanges and delays. Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon. Each Atlas common share issued and outstanding immediately prior to the effective time of the Merger, other than common shares held by Fairfax, Washington and Mr. Sokol, was converted into the right to receive $15.50 per share in cash. Asset manager Atlas receives $3.64 billion takeover offer from Poseidon Ekata's identity verification data, machine learning technology and global experience combined with Mastercard's fraud prevention and digital identity programs will help businesses confidently know who their customers are and, in turn, help those customers safely interact online. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Atlas Corp. Announces Receipt of "Take Private" Proposal Atlas Corp. 20 Jan, 2023, 08:00 ET. You should carefully review and consider the various disclosures included in Atlas' Annual Report and in Atlas' other filings made with the SEC that attempt to advise interested parties of the risks and factors that may affect Atlas' businesses, prospects and results of operations. Based on Alphaliners monthly report for August 2022, the overall industry order book represents 28% of existing capacity on the water, with over 5 million TEUs of capacity slated for delivery in 2023 and 2024. Before accessing the information and documents contained in this area of the website, please read and accept terms and conditions reported here below. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Risk Factors" in Atlas' Annual Report for the year ended December 31, 2021 on Form 20-F filed with the SEC on March 24, 2022, and in its subsequent filings with the SEC. View and read historical press releases from 2005 to present. Atlas shareholders and other interested parties are urged to read these materials if and when they become available because they will contain important information. Shareholders of Atlas are urged to carefully read these documents, as they may be amended from time to time, before making any decision with respect to the transaction. The acceleration of online transactions has thrust global digital identity verification to the forefront as one of the biggest opportunities to build digital trust and combat global fraud, said Rob Eleveld, CEO at Ekata, Inc. "The right identity verification solutions enable inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control and security. No member of the Consortium assumes any obligation to publicly update any forward-looking statements except as required by law. The International Maritime Organization (IMO), Bangladesh, and Liberia have announced the ratification of the Hong Kong Convention by both nations.BIMCO believes the ratification marks Danish maritime data analysis firm Sea-Intelligence analysed the trend in ocean carriers' schedule reliability levels for May 2023.The report contains the global highlights from Shanghai Waigaoqiao Shipbuilding (SWS) has suspended work after three yard workers died while working on a 7,000 TEU vessel ordered by X-Press Feeders.Chinese publication Hapag Lloyd will apply a new General Rate Increase (GRI) / General Rate Adjustment (GRA) from the Middle East / Indian Subcontinent to the French ocean carrier CMA CGM decided to revise the Peak Season Surcharge (PSS) from the Indian Subcontinent to the US East Coast in July.The Copenhagen Malm Port (CMP) will receive new container handling equipment from Finnish manufacturer Konecranes for a new box terminal in Copenhagen, the capital of Poseidon Acquisition Corp. acquires Atlas for US$10.9 billion in an all-cash transaction, US government awards JAXPORT US$23.5 million for port sustainability projects, Women in maritime stepped up during pandemic crisis, shows WISTA survey, BIMCO calls on vessel owners as Bangladesh and Liberia ratify HK Convention, Sea-Intelligence reports improvement in global schedule reliability, Fatal shipyard accident involves X-Press Feeders ship, Hapag Lloyd increases rates from Middle East / Indian Subcontinent to US East Coast, CMA CGM revises peak season surcharge from Indian Subcontinent to US East Coast, Konecranes wins public tender for container handling equipment from Danish terminal, By subscribing I accept the privacy rules of this site. By bringing the capabilities, technologies and teams together, there is the potential to deliver even more trust and peace of mind, well beyond identity verification and identifying fraud trends. Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates and certain closing conditions, including receipt of regulatory approvals and third-party consents. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Certain participants in the transaction between Atlas and Poseidon will prepare and file with the SEC a Schedule 13E-3 Transaction Statement, which will contain important information on Atlas, the parties to the transaction, the transaction and related matters, including the terms and conditions of the transaction. +1-888-829-0013, Email: IR@atlascorporation.com; Fairfax Financial Holdings Limited Inquiries: John Varnell, Vice President, Corporate Development, Tel. The agreement also provides Atlas minority shareholders with a certain cash outcome due to be paid on closing, subject to the approval of a majority of the minority shareholders. At Seaspan, weve developed a workplace where every challenge is seen as an opportunity. Under the terms of the agreement, Poseidon will acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Mr. Sokol for $15.50 per share in cash. A majority of the minority shareholders must vote to approve the revised offer, the companies said on Tuesday. Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. The sweetened $15.50 per share, all-cash offer from Poseidon marks a 34% premium to Atlas stock's last close before deal talks were disclosed on Aug. 4. You are cautioned not to rely on these forward-looking statements, which speak only as the date of this release. Turnaround of APR Energy Remains in Early Stage. LONDON, UK, Nov. 1, 2022 /CNW/ - Atlas ("Atlas" or the "Company") (NYSE: ATCO) and Poseidon Acquisition Corp. ("Poseidon"), an entity formed by certain affiliates of Fairfax Financial Holdings Limited ("Fairfax"), certain affiliates of the Washington Family ("Washington"), David Sokol, Chairman of the Board of Atlas, and Ocean Network Express Pt. Actual results may differ materially from those expressed or implied by such forward-looking statements. Atlas vessels may turn obsolete well ahead of the currently envisaged useful lives, thereby adversely impacting Atlas expected return on investment and value vis--vis the companys current business plan. Ekata's global suite of APIs and SaaS solutions help 2,000+ businesses and partners combat cyberfraud and enable an inclusive, frictionless experience in over 230 countries and territories. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this release. Seaspan Announces Completion of Acquisition of Atlas by Poseidon Acquisition Corp. Atlas and Poseidon Announce Completion of Acquisition by Poseidon Acquisition Corp. Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon. In 2019, the company introduced a new, Mastercard to Acquire Ekata to Advance Digital Identity Efforts. Each Atlas common share issued and outstanding immediately prior to the effective time of the Merger, other than common shares held by Fairfax, Washington and Mr. Sokol, was converted into the right to receive $15.50 per share in cash. We are pleased to have reached this agreement which, through the combination with Poseidon, introduces Atlas to an important corporate sponsor in the form of ONE, said Nicholas Pitts-Tucker, Chair of the Special Committee of the Board of Atlas (Special Committee). This means that every time you visit this website you will need to enable or disable cookies again. Atlas Shareholders Approve Merger with Poseidon Acquisition Corp. LONDON, UK, Feb. 24, 2023 /CNW/ - Atlas Corp. ("Atlas" or the "Company") (NYSE: ATCO) today announced that, at its annual meeting of shareholders held today, February 24, 2023 (the "Annual Meeting"), its shareholders approved by the required votes the proposal to adopt and . At the time, Poseidon said it had proposed buying it for $14.45 per share. "Atlas has continued to develop its long-term strategic partnerships and differentiated business model to position the company for sustainable and quality growth. from 8 AM - 9 PM ET. Citi is serving as financial advisor to ONE and Latham & Watkins LLP is serving as legal advisor to ONE. LONDON, UK, Feb. 24, 2023 /PRNewswire/ -Atlas Corp. ("Atlas" or the "Company") (NYSE: ATCO) today announced that, at its annual meeting of shareholders held today, February 24, 2023 (the "Annual Meeting"), its shareholders approved by the required votes the proposal to adopt and approve the Agreement and Plan of Merger (the "Merger Agreement") by and among Atlas, Poseidon Acquisition Corp. ("Poseidon") and Poseidon Merger Sub, Inc. and the transactions contemplated by the Merger Agreement, including the merger with Poseidon (the "Merger Proposal"). It is anticipated to close within the next six months. We believe this transaction with Poseidon is an exciting culmination of those efforts for our shareholders," said Bing Chen, President and CEO Atlas Corp. "As we look at the industry's trajectory, we believe the financial, operational and strategic flexibility we will gain as a privately held company with this group of owners and investors will position Atlas, our employees and customers for greater opportunity. The Schedule 13E-3 and all other documents filed with the SEC in connection with the transaction will be available when filed, free of charge, on the SECs website at www.sec.gov. For more information, visit atlascorporation.com. These statements are based on current expectations of future events, are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Forward-looking statements in this release are estimates and assumptions reflecting the judgment of senior management and involve known and unknown risks and uncertainties. Upon the closing of the transaction, Atlas common shares will cease trading on the New York Stock Exchange ("NYSE"). The combined capabilities across digital-first, installment and crypto payment services will help to enable greater choice and functionality, with the potential to expand further to real-time payments and cross-border activities. Risk Factors" in Atlas' Annual Report for the year ended December 31, 2021 on Form 20-F filed with the SEC on March 24, 2022, and in its subsequent filings with the SEC. Atlas preferred shares will remain outstanding and continue to trade on the NYSE. Consortium: David L. Sokol "Poseidon Acquisition Corp. is pleased to have reached this agreement to acquire the Atlas Corp. shares not previously owned by our shareholders," said Mr. Sokol. This transaction is a testament to our team's unwavering commitment to customers and consistent execution. Becoming part of the Mastercard Identity family ensures a broader, collective approach to meeting the growing demands of the digital economy., Delivering on the Strategy, Strengthening Value. Poseidon Acquisition Corp. acquires Atlas for US$10.9 billion in an all You can find out more about which cookies we are using or switch them off in settings. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. As with past acquisitions, Mastercard does not expect this acquisition to be dilutive to its business for greater than 24 months. Atlas plans to host a conference call for all shareholders and interested parties at 8:30 a.m. Eastern Time on November 2, 2022, to discuss the results and the transaction. "The agreement also provides Atlas' minority shareholders with a certain cash outcome due to be paid on closing, subject to the approval of a majority of the minority shareholders. You are cautioned not to rely on these forward-looking statements, which speak only as the date of this release. "We all look forward to continuing our relationship with our talented CEO Bing Chen and the excellent Atlas, Seaspan and APR Energy employees under his direction.". If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual events could vary materially from the Company's expectations. Atlas agrees to be acquired by Poseidon Acquisition for $15.50 per We therefore urge the Special Committee to carefully consider the implications of the prevailing macroeconomic weakness and rising cost of capital on Atlas business, cash flows and valuation. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Atlas Shareholders Approve Merger with Poseidon Acquisition Corp. It is our hope and preference to work constructively with the Special Committee to allow them to do as such. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates and certain closing conditions, including receipt of regulatory approvals and third-party consents. Cision Distribution 888-776-0942 Fairfax, Washington and Mr. Sokol currently own approximately 68% of the outstanding common shares. Since the time we made our proposal on August 4, 2022 and up to September 23, 2022, the financial markets have deteriorated significantly, with the S&P500 Index declining 11.0%. Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. sokol@poseidonacq.com, Fairfax: John Varnell, Vice President, Corporate Development - +1-416-367-4941, Internet Explorer presents a security risk. Information on the Companys website is not part of this release. We share success together, we support one another, we embrace diversity and culture. The information and documents contained in this area of the website may not be sent or in any other way transmitted, made available or distributed in the United States of America, Canada, Australia or Japan or any Other Countries. The information and documents contained in this area of the website are accessible only to persons who are not currently located in the United States of America, or currently located in or resident in Canada, Japan, Australia, or in any other jurisdiction in which accessing the information and documents contained in this area of the website would require the authorization of the relevant regulatory authorities (the "Other Countries"). The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data. This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. Atlas does not intend to revise any forward-looking statements in order to reflect any change in its expectations or events or circumstances that may subsequently arise. Asset manger Atlas receives $3.64 bln takeover offer from Poseidon I want to thank all Atlas employees for their continued dedication and hard work. Poseidon Acquisition Corp comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family and ONE. As the Special Committee and its advisors consider our revised proposal, we request that they do so in the context of the continued pressure on the global macroeconomy, financial markets and Atlas operating environment. In addition, as previously announced, the first quarter dividend of $0.125 per share payable to common shareholders of record as of March 20, 2023 will be paid on March 31, 2023. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In conclusion, we re-affirm our belief that Atlas would be able to navigate the industry headwinds more nimbly as a private platform, with greater stability and scale through the addition of ONE as a strategic shareholder and partner. Posted 9:57:07 PM. Pursuant to the terms of the Agreement and Plan of Merger, dated October 31, 2022, by and among the Company, Poseidon and Poseidon Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Company (the "Merger"), with the Company continuing as the surviving company in the Merger. Pursuant to the terms of the Agreement and Plan of Merger, dated October 31, 2022, by and among the Company, Poseidon and Poseidon Merger Sub, Inc. (Merger Sub), Merger Sub merged with and into the Company (the Merger), with the Company continuing as the surviving company in the Merger. Any one of these factors could cause our actual results or the impact of the acquisition to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf. March 28, 2023 07:35 ET We do believe that Atlas shareholders are amenable to a transaction and would want the opportunity to consider this proposal for themselves. Ltd. (ONE), and certain of their respective affiliates today announced they have entered into a definitive agreement under which Poseidon will acquire Atlas in an all-cash transaction for an enterprise value of approximately $10.9 billion. APR Energys contracts are generally short-term in nature. This press release contains statements regarding the proposed transaction that may be deemed to be forward-looking statements within the meaning of applicable securities laws and members of the Consortium may make related oral, forward-looking statements on or following the date hereof. No information contained on any website referenced in this press release is incorporated by reference herein. This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Poseidon proposes to acquire asset manager Atlas Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Seaspan has a fleet of 127 container ships as of June 30, making it the largest independent owner and operator of such vessels globally, according to Atlas's website. The consortium, formed by certain affiliates of Fairfax Financial Holdings Limited, certain affiliates of the Washington Family, David Sokol, chairman of the board of Atlas, Ocean Network Express (ONE) and certain of their respective affiliates, has come to an agreement with Atlas, according to which Poseidon Acquisition Corp. will acquire all outstanding common shares of Atlas not owned by Fairfax,Washington and Sokol for US$15.50per share in cash. Each of the Merger and the delisting constitutes a Make-Whole Fundamental Change under that certain indenture dated as of December 21, 2020, by and among the Company, Seaspan Corporation, a wholly owned subsidiary of the Company and The Bank of New York Mellon, as trustee, governing the exchangeable senior notes due 2025. +1-416-367-4941. Atlas Corp. to be Acquired by Poseidon Acquisition Corp. for $15.50 in About PVH Corp. PVH is the growth platform for Calvin Klein and TOMMY HILFIGER. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Cautionary Note Regarding Forward Looking Statements. Atlas Corp. to be Acquired by Poseidon Acquisition Corp. for - TipRanks New Capabilities Strengthen Trust in Every Interaction Through AI-Powered Identity Verification Reinforced By Commitment to Strong Data Management Principles. To avoid delays, participants are encouraged to register a day in advance or at a minimum 15 minutes before the start of the call. Record Vessel Deliveries in the Near-Term. Digital identity is a foundational part of Mastercards multi-layered approach to security. +1-416-367-4941. Under the terms of the agreement, Poseidon will acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Mr. Sokol for $15.50 per share in cash. Fairfax Financial Holdings. Weak Macroeconomic Environment and Rising Cost of Capital. Will KostlivyInvestor RelationsAtlas Corp.Tel. Central to creating trust in a digital world is the ability to prove your digital identity - who you are, whether you are interacting in person, online or in app. Fairfax, Washington, Mr. Sokol and ONE will be outstanding partners as Atlas advances its operational improvements and drives growth to support its customers and enhance opportunities for its employees., Atlas has continued to develop its long-term strategic partnerships and differentiated business model to position the Company for sustainable and quality growth. Mastercard and Ekata's integrated services will build on both companies commitments to ensure trust and the responsible use of data. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. All statements other than statements of historical facts may be forward-looking statements. Such factors related to the completion and impact of the acquisition include, but are not limited to, whether all necessary conditions will be met, and whether the transaction will close on agreed terms and in a timely manner. Walt Disney has been accused of systematically underpaying women in California in a lawsuit that alleges the company's female employees in the state earned $150 million less than their male counterparts over an eight year period. Fairfax Financial Holdings. Information on the Company's website is not part of this release. Post-announcement, 2-year Treasury yields crossed 4% for the first time since 2007. Exclusive news, data and analytics for financial market professionals, Reporting by Niket Nishant in Bengaluru and David French in New York; Editing by Krishna Chandra Eluri, Sriraj Kalluvila and Deepa Babington, Exclusive: Alberta agency, China private equity fund ends partnership, Goldman Sachs may exit partnership with Apple, Wall Street Journal reports, HDFC to merge into HDFC Bank on July 1, create Indias financial behemoth, GM buys Israel-based software startup to detect early battery defects, Disney accused in lawsuit of 'systematically' paying women less than men in California, Botswana signs new diamond sales deal with De Beers, Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows, US chicken producers ordered to face price-fixing claims, Horse racing-Churchill Downs reinstates suspended trainer Joseph.
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