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

It’s lunchtime

A hungry sea lion grabs a quick salmon lunch on the Sooke… Continue reading

UPDATED: Missing twins from Saanich found

Jackie Wilson and Valerie Nolin, 54, were last seen Friday afternoon at Tuscany Village

Driver crashes into pole, causes traffic delays in Highlands Friday

Police remind drivers to slow down on slippery, winding roads

Three VicPD officers honoured with award of valour from Lieutenant Governor

The officers were among 114 BC law enforcement member recognized for bravery and dedication

12 Sooke events to get you into the holiday spirit

From a Santa parade to classicial music, Sooke has it all

Mosaic Forest Management announces forestry shutdown

Thousands of forestry workers in Coastal B.C. will be affected by ‘curtailment’

Appeal dismissed for B.C. man who assaulted woman in ‘thoroughly modern’ fight over phone

‘Both were seeking evidence of cheating by the other,’ says B.C. Supreme Court in Nanaimo

University of Victoria threatens any athletes who speak about rowing coach probe

Barney Williams has been accused of harassment and abuse

B.C.’s largest catholic archdiocese names 9 clergymen in sex abuse report; probes ongoing

Vancouver Archdioces presides over 443,000 parishoners in B.C.

Wolverines eye big prize as basketball season nears

‘We know what we’re capable of doing this year’

Eagles congregate around Salish Sea for one last feast before period of famine

Mountainaire Avian Rescue Society preparing to receive birds in need of care

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Most Read