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Sokol’s consortium making ‘significant progress’ towards acquiring Seaspan’s parent

The consortium aiming to purchase Atlas Corporation has said in an update today it is making “significant progress” in the buyout of the group, which includes Seaspan, the world’s largest boxship tonnage provider.

In August Japan’s Ocean Network Express (ONE) joined a coalition of controlling shareholders in New York-listed Atlas Corporation to make a buyout offer for the asset manager.

The buyout consortium, which calls itself Poseidon Acquisition Corp, sees ONE join forces with Atlas chairman David Sokol, the Washington family and subsidiaries of Fairfax Financial Holdings in a bid to take Atlas private.

Last month, the group increased its buyout offer for the New York-listed company from $14.45 to $15.50 per share.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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