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

Fort St. James receives annual grant to support vital community services

Fort St. James is receiving $41,626 from the province as a grant… Continue reading

B.C. First Nation Chief Ed John faces historic sex charges

John served as minister for children and families under then-premier Ujjah Dosanjh

Police probe Cataline Court homicide

Shooting reported on Nov. 10

BCTF rejects mediator’s recommendations for settlement

Negotiations between B.C. teachers and the province will continue

The Legion’s branch in Fort St. James have donated their building to the community

The building will be used as a homeless shelter in the district amongst other long term community needs

VIDEO: Disney Plus adds disclaimer about racist stereotypes

Disney’s disclaimer is a good way to begin discussion about the larger issue of racism

First Nations ‘optimistic’ about road upgrades after Horgan visits site of fatal bus crash

Premier travelled Bamfield Main road, where bus flipped last September and two students were killed

Princeton couple pays for dream vacation with 840,000 grocery store points

It’s easy if you know what you are doing, they say

B.C. man facing 18 charges after hidden camera found in Kelowna winery washroom

The camera was found at Summerhill Winery on Aug. 23

No new rules needed to ensure timely youth justice, Supreme Court says

Charter of Rights and Freedoms says someone charged with an offence has the right to be tried within a reasonable time

Seguin lifts surging Stars to 4-2 win over Canucks

Dallas is 6-0-1 in last seven outings

B.C. government working with RCMP to address $10 million in budget cuts

Public Safety Minister Mike Farnworth issues statement following report of RCMP cost-cutting

‘City that protects rapists’: Sexual assault survivor slams Kelowna mayor for defending RCMP

Heather Friesen spent the morning handing out flyers around city hall calling out the mayor

Most Read