Seaspan parent Atlas Corp faces a crucial vote next month as its major shareholders seek to delist the group in New York.
Investors will meet on 24 February to decide whether the $10.9m deal to buy out minority interests goes through.
The take-private bid has been launched by Poseidon Acquisition Corp, an entity formed by certain affiliates of Fairfax Financial Holdings, the Washington family and Atlas chairman David Sokol.
They already control 68% of the container ship group.
Approval next month requires a majority vote from unaffiliated shareholders.
The all-cash offer was made last year at $15.50 per share.
Ocean Network Express (ONE) — the Singapore-based container ship operation of Japan’s Mitsui OSK Lines, NYK Line and K Line — is also participating in the bid.
Last month, Seaspan scrapped a separate meeting at which it was hoping to avoid buying back a $300m issue.
The company wanted to amend the terms of the 6.5% series due in 2026.
Increased the fee
Seaspan had even upped its fee for the change from 8% to 8.5% to bring investors onside.
The amendment was considered necessary due to the takeover deal, which will trigger a bond delisting clause that gives holders a put option at 1% above par.
Seaspan has said it plans to have liquidity available for any bondholder redemptions following the conclusion of the takeover.
The owner has $1.1bn in undrawn revolving credit facilities and $6bn in untapped newbuilding finance.
