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

Skeena Watershed reopened for recreational pink and coho

Four sections and tributaries remain closed

Vanderhoof mayor frustrated over province’s back-and-forth orders over river management

Rio Tinto was asked to suspend their summer temperature management program on Aug 2 and the order was reversed on Aug 8

Skeena-Bulkley Valley candidates react to finding Trudeau broke ethics law

The election campaign is heating up before the writ has even dropped

Traffic collision on Highway 16

Occupants of the car sustained non-life threatening injuries

Jim Pattison takeover offer ‘non-binding,’ Canfor cautions investors

B.C. billionaire already big shareholder in forest industry

Fashion Fridays: How to dress and feel powerful

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

‘Easy Rider’ star Peter Fonda dies at 79

Actor and writer was nominated for an Oscar for co-writing the 1969 psychedelic road trip movie

Bob Lenarduzzi out as Vancouver Whitecaps president

MLS team is at the bottom of the Western Conference standings

B.C. daycare operator denies negligence in death of ‘Baby Mac’

Infant died in early 2017 after biting an electrical cord, according to a lawsuit filed by his mom

BC SPCA reopens animal cruelty investigation at Abbotsford pig farm

Additional alleged footage released from Excelsior Hog Farm sparks new investigation

Donor upset no one noticed B.C. school’s sculpture had been missing for a year

Agassiz’s Fraser River Lodge owner baffled how theft went undetected

Purple fentanyl among items seized in B.C. drug bust

Youth being recruited as drivers for more-established drug dealers, police say

Fatal overdoses in B.C. drop 30% during first half of year

A total of 538 people have died between January and June, BC Coroners Service reports

VIDEO: B.C. RCMP officer’s stunt at motorcycle festival prompts internal investigation

The officer was part of a stunt event at the Squamish Motorcycle Festival

Most Read