Nov 1, 2006 12:00 PM

Avion Group and Atlas Cold Storage Income Trust have reached an agreement enabling Avion to enhance its bid to acquire all the outstanding shares of Atlas. Atlas and Eimskip Atlas Canada Inc, an indirect subsidiary of Avion, have agreed to an increased cash offer of $7.50 (Canadian) per share. Under the revised offer, the value of this transaction is about $583 million (Canadian).

David Williamson, president and chief executive officer of Atlas, said, “The revised Avion offer is the most attractive third-party alternative that Atlas considered or received throughout this process and, accordingly, the trustees have unanimously recommended acceptance of this offer.”

Magnus Thorsteinsson, executive chairman of Avion, said, “With the addition of Atlas, Eimskip, our temperature-controlled transportation and logistics subsidiary, will control a network of more than 90 temperature-controlled facilities around the world. This transaction will provide broader customer reach for both companies and create a significant competitive product offering.”