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Poseidon Acquisition Corp. Continues Talks To Acquire All Common Stock Of Atlas Corp. Not Controlled By Consortium Members, The Canadian Business Journal

LONDON & TORONTO, OCTOBER 6, 2022 (GLOBE NEWSWIRE) — Poseidon Acquisition Corp. (“Atlas”), representing a consortium consisting of David L. Sokol, Chairman of the Board of Atlas Corp. (NYSE: ATCO); Ltd. (the “Company”), Fairfax Financial Holdings Limited (collectively “Fairfax”) (TSX: FFH and FFH.U), the Washington Family, and Ocean Network Express Pte. The “Consortium”) today announced, in consultation with a special committee of Atlas’ Board of Directors, that it believes it has made meaningful progress to acquire all of Atlas’ outstanding common stock. In addition to Atlas, whose consortium members do not yet own or control $15.50 per share of cash, all regular dividend payments for the third and fourth quarters of 2022, regardless of the timing of closing ( “Proposed Transaction”). There are no binding agreements on the proposed transaction, and negotiations will depend on completion of due diligence by the consortium (which is expected to commence promptly), negotiation and execution of a final mutually acceptable agreement, and remain subject to significant contingencies, including confirmations and confirmations. Documentation of fully committed funding. In addition, if definitive agreements are reached, closing of the proposed transaction will be subject to the approval of majority holders of Atlas common stock not owned by consortium members and any additional mutually acceptable shares included. subject to the satisfaction of certain closing conditions. in a final agreement. The Consortium will not make any further announcements or updates until a final agreement is signed or discussions with the Task Force are completed.

Additional Information and Where to Find It

Any solicitation will be made only through materials filed with the Securities and Exchange Commission (“SEC”). Atlas shareholders and other interested parties are encouraged to read these materials when they become available as they contain important information. Atlas stockholders will be able to obtain such documents free of charge (when available) at the SEC’s website at www.sec.gov.

Forward-Looking Statements

This press release contains statements regarding the proposed transaction that may be considered “forward-looking statements” within the meaning of applicable securities laws, to which the Consortium members have made no representations as of the date hereof. You may be able to make oral forward-looking statements that Forward-looking statements by their nature are subject to various inherent risks and uncertainties that could cause actual results to differ materially from those projected. Many of these risks and uncertainties are beyond the control of the Consortium, and it is possible that discussions with the Special Committee may not be successful, or that a proposed transaction may not be resolved in this press release or at all. The forward-looking statements contained in this press release speak only as of the date of this press release. Consortium members undertake no obligation to publicly update any forward-looking statements, except as required by law. Information contained on websites referenced in this press release is not incorporated herein by reference.

About Fairfax Financial Holdings Limited

Fairfax Financial Holdings Limited is a holding company and through its subsidiaries is primarily engaged in property and casualty insurance and reinsurance, as well as related investment management.

contact address:

Consortium: David L. Sokol – [email protected]

Fairfax: John Varnell, Vice President of Corporate Development – ​​+1-416-367-4941

Poseidon Acquisition Corp. Continues Talks To Acquire All Common Stock Of Atlas Corp. Not Controlled By Consortium Members, The Canadian Business Journal
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Poseidon Acquisition Corp. Continues Talks To Acquire All Common Stock Of Atlas Corp. Not Controlled By Consortium Members, The Canadian Business Journal

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