Asset manager AtlasCorp. (NYSE:ATCO) ticked up 0.6% in premarket trading after disclosing that its board formed a special committee of independent directors to evaluate the unsolicited non-binding proposal from Poseidon Acquisition.
The special committee has already retained Morgan Stanley as its financial advisor and also has already retained legal counsel, according to a statement on Thursday. Atlas (ATCO) said it's on the process of reviewing and evaluating the proposal and no decision has been made yet.
Atlas (ATCO) jumped 23% on Aug. 5 after the company announced that it received a takeover offer from consortium group Poseidon Acquisition for the buyout of the asset manager at $14.45/share, a 30% premium over its share price prior to the announcement.