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

Highways in and out of Revelstoke close

Highway 1 is now open to single alternative traffic, but Highway 23 south is closed

NDP bring Green New Deal to the Kootenays

MPs Wayne Stetski and Peter Julian held climate change talks in Nelson, Cranbrook and Revelstoke

Opening delayed for new campground at Mt. Revelstoke National Park

Construction of the campground was announced in 2016 and it was expected to open this year

Grizzly bear and off-leash dog encounters have caused some trails to be closed to dogs in Mt. Revelstoke National Park

Though dogs aren’t prohibited on all of the trails they must always be on leash

Grass fire breaks out on highway south of Vernon

Highway 97 traffic slowed as firefighters snuff grass fire

Access to Okanagan Rail Trail to be limited by erosion work

The work will be done throughout September but won’t begin before the Labour Day weekend

Wildfire sparks beside Highway 3 west of Keremeos

A wildfire on the side of Highway 3 just west of Keremeos… Continue reading

Summerland relaunches net metering program

Event open house will be held Aug. 27 from 3 to 6 p.m in Arena Banquet Room

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Jaws of Life used to rescue driver in North Okanagan crash

Single-vehicle MVI causes traffic delays on Highway 6

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

Most Read