India, Nov. 21 -- Seaspan Corp. (SSW) said its Board has approved the creation of a new holding company, Atlas Corp., which will become the new parent company of Seaspan. This will be implemented through the merger of Seaspan and an indirect, wholly-owned subsidiary, with Seaspan becoming a direct, wholly-owned subsidiary of Atlas. Upon completion, holders of Seaspan common shares and Seaspan preferred shares will become holders of Atlas common shares and Atlas preferred shares, on a one-for-one basis. Atlas common shares and Atlas preferred shares are expected to be listed on the NYSE upon the consummation of the proposed reorganization.
David Sokol will be Chairman of the Board of Atlas along with Bing Chen as Chief Executive Officer and...