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

No one injured in Saanich townhouse fire

Blaze may have been connected to fireplace use

Victoria police seek public’s help finding man missing more than a week

Joel Diment 26 and has short brown hair and hazel eyes

Greater Victoria donates 166 tents, 240 sleeping bags and more for those in need

Items placed in 72-hour quarantine before being distributed to help homeless self-isolate

‘Langford Cares’ campaign to cover hotel expenses for frontline health care workers

Initiative gives back to health care staff living on the West Shore

Police watchdog clears West Shore RCMP in altercation that led to man needing 82 staples

The man pretended he had a weapon he would use against the police

COVID-19: B.C. reports 4 deaths, 25 new cases but only in Vancouver Coastal, Fraser Health

A total of 1,291 people have tested positive for the novel coronavirus

Comox spring training cancelled for Snowbirds next month

The team announced that due to ongoing travel restrictions they will not be training in the Valley

Some Cowichan schools to reopen for children of essential-services workers

Cowichan Valley will open 8 elementary schools this week

RCMP call on kids to name latest foal recruits

The baby horses names are to start with the letter ‘S’

Physiotherapists turn to technology to reach patients during COVID-19

Just because services, jobs, and socializing have been put on hold, it… Continue reading

As Canadians return home amid pandemic, border crossings dip to just 5% of usual traffic

Non-commercial land crossing dipped by 95%, air travel dropped by 96 per cent, according to the CBSA

Logan Boulet Effect: Green Shirt Day calls on Canadians to become organ donors

While social distancing, the day also honours the 16 lives lost in the 2018 Humboldt Broncos Crash

COMMENTARY: Knowing where COVID-19 cases are does not protect you

Dr. Bonnie Henry explains why B.C. withholds community names

Most Read