Atco will get sweetened $15.50 per share bid from Poseidon Acquisition (NYSE:ATCO)

Atco Corp. (NYSE:ATCO) inventory has climbed 6.9% in Monday premarket buying and selling after the group headed by its chairman elevated its bid to $15.50 per share in money from its earlier provide of $14.45 per share.

The most recent bid represents Poseidon Acquisition’s “closing and finest provide,” it mentioned in a press release Monday. Poseidon Acquisition, which first made a proposal in August to accumulate the corporate, is comprised of Atlas (ATCO) Chairman David Sokol, sure associates of Fairfax Monetary Holdings (OTCPK:FRFHF), and Ocean Community Categorical Pte. Ltd.

“It’s our hope that in gentle of this important improve in worth, the Particular Committee will conclude that this transaction represents full, truthful and sure worth and is in the most effective curiosity of Atlas (ATCO) shareholders,” Poseidon Acquisition mentioned in a letter to Atco’s board. “If the Particular Committee concludes in any other case, we are going to withdraw our proposal.”

Even with its shares rising in Monday’s premarket session, they’re at $14.45 at 8:41 AM ET, lower than Poseidon’s first provide.

Earlier this month, Albright Capital Administration, a big minority shareholder in Atco (ATCO) mentioned it could vote “no” on the $14.45 per share bid, saying it expects ATCO shares will doubtless commerce at $23-$29 per share in 2024 when 68 new ships come on line.