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

Teamwork brings injured South Okanagan osprey back to its nest

A South Okanagan Osprey is back with its family after injuring itself

Parks and Recreation Advisory Committee supports added regulations, rezoning of Three Blind Mice

The recommendations will be presented to Penticton city council at an upcoming meeting

Warmer fall weather could extend wildfire season: AccuWeather

Above seasonal temperatures are expected throughout September, October and November

South Okanagan dangerous offender back in court

Administrative error has led to more court time being used up in Penticton

Nominees announced for 2019 Business Excellence Awards

The event is presented this year by McPhail Kilt Makers, hosted Oct. 5 at Penticton Lakeside Resort

Trudeau vows to stand firm against ‘increasingly assertive’ China

China has accused Canada of meddling in its affairs

Kelly Ellard gets day parole extended for six more months

Ellard was convicted of killing 14-year-old Reena Virk in 1997

Indoor Okanagan soccer league expands in 2nd year

The Okanagan Premier League (OPL) returns for indoor action in October

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

Salmon Arm’s Sebastien Archambault joins Humboldt Broncos

Defenceman played last two seasons with Junior B Sicamous Eagles

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

Lost and found: Police seek owner of Firefly bag

The bag was turned into the Vernon North Okanagan RCMP on August 19th, 2019

Police watchdog investigating two officers after Langley teen’s suspected overdose

According to IIO, two officers were deployed to help Carson Crimeni but did not locate him before he died

Theft of Okanagan teen’s stolen bike has happy ending

A 31 year old man from Alberta was arrested Wednesday and is currently in custody facing charges

Most Read