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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UNBC professor receives funding to research oilspill response

The $1.9 million in funding was provided by Fisheries and Oceans Canada

B.C. premier talks forestry, service needs with handful of northern mayors in Prince George

Prince George meeting completes premier’s tour of Kitimat, Terrace, Fort St. James and Quesnel

Indigenous LNG supporters chide human rights advocates over pipeline comments

Coastal GasLink has signed agreements with 20 elected First Nation councils along the pipeline’s 670-kilometre path

Ulkatcho, Lhoosk’uz Dené sign agreements in support of Blackwater Mine project

Agreements commit to share portion of provincial mineral tax revenue collected from planned mine

Four things ‘not’ to do if you run into Prince Harry and Meghan in B.C.

Here is a list of some things you definitely should NOT do, according to the BBC

B.C.-based Coulson Aviation C-130 crashes in Australia

Three people are confirmed dead in the crash in New South Wales

B.C. RCMP spent roughly $750K on massive manhunt for Port Alberni men

Manitoba RCMP helped with 17-day search through the province’s northern terrain

Future space homes could be made of mushrooms

NASA explores use of fungi to build structures in space

Man killed by police in Lytton called 911, asking to be shot: RCMP

Howard Schantz, also known as Barry Schantz was killed following a standoff at his Lytton home

Canadian public health agencies ramping up preparations in response to new virus

Health officials have said there are no confirmed cases of the emerging coronavirus in Canada

‘Naughty boy’: Monty Python star Terry Jones dies at 77

The comedian has been suffering from a rare form of dementia

Theo the 800-pound pig trimmed down and still looking for love on Vancouver Island

“He’s doing really well, lost quite a few pounds and can run now.”

Most Read