Transat warns of ‘abusive’ bid to stop sale to Air Canada, files complaint with regulator

Group Mach hopes to secure “at least” 6.9 million Class B shareholders at a cost of about $97 million

Transat A.T. Inc. is warning shareholders against what it calls an “abusive” and “misleading” move by Montreal real estate developer Group Mach to block the tour operator’s sale to Air Canada.

Transat says it has filed a complaint with Quebec’s securities tribunal concerning Group Mach’s effort last week to scoop up 19.5 per cent of Transat’s shares at $14 per share in order to stop the pending acquisition.

Transat says its board rejects Group Mach’s bid as a “significant risk” to shareholders that disregards their interests and subverts financial market rules.

The offer from Group Mach chief executive Vincent Chiara represents an eight per cent premium over Air Canada’s $13 per share offer, which Transat’s board approved in June.

Group Mach hopes to secure “at least” 6.9 million Class B shareholders at a cost of about $97 million.

The CEO said last week he believes Air Canada under-values Transat, saying its sale process to the country’s largest airline was flawed and full of uncertainty for Transat employees and its Montreal head office.

READ MORE: Air Canada stock hits new high on news of exclusive talks to buy Transat AT

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

RDCO removes Killiney Beach water quality advisory

Outdoor water restrictions are still in effect

Kelowna-based cannabis company granted licence for new facility

Tumbleweed is expected to produce 1,000 kilograms of marijuana

Parkinson Recreation Centre and gymnasium closures

The facilities will be closed for two weeks

Sicamous RCMP arrest Lake Country man following truck break-in

Suspect found in possesion of bear spray, masks and break-in tools.

Motorcyclist involved in Westside Road crash

Air ambulance assists while motorists face lengthy delays

VIDEO: Canadian zoos’ captive breeding programs help preserve endangered species

Programs considered last-ditch effort to prevent local extinctions of turtles, butterflies and more

Elections Canada to assess ‘partisan’ climate change rhetoric case by case

People’s Party of Canada Leader Maxime Bernier has said climate change is not an emergency nor caused by human

Unseasonable snow forces campers out of northeastern B.C. provincial park

Storm brought as much as 35 centimetres of snow to the Fort Nelson, Muncho Lake Park-Stone Mountain Park

Art and music at Summerland Ornamental Gardens

Second event of the summer will be held Sunday, Aug. 25

B.C. log export rules killing us, northwest harvester says

NorthPac Forestry says Skeena Sawmills has plenty of timber

Sleep expert recommends Summer snooze solutions

Summertime brings light, noise, heat and other conditions that can make getting to sleep hard.

Vancouver man arrested after pregnant woman’s SUV stolen, then crashed

Police are recommending charges against a 22-year-old Vancouver man

Environment groups warned saying climate change is real could be seen as partisan

Talk of climate change could be viewed as advocating against Maxime Bernier, the leader of the People’s Party of Canada

Most Read