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Aug 20, 2019

Transat continues to back Air Canada bid following comments by Peladeau

Transat brushes off Peladeau comments as vote on Air Canada bid looms

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MONTREAL -- Transat A.T. Inc. (TRZ:CT) repeated its recommendation that shareholders support a takeover offer for the company by Air Canada (AC:CT) after Pierre Karl Peladeau hinted he may make an offer.

The travel company says it has never received an offer from Peladeau or any of his business associates to acquire Transat.

Transat shareholders are set to vote on Air Canada's offer of $18 per share on Friday. The company says there is currently no concrete alternative transaction on the table.

On Monday, Peladeau, who said he owns about a 1.6 per cent stake in Air Transat's parent company, said he plans to vote against the Air Canada bid because it is "contrary to the public interest."

The businessman and former politician says he has "gathered around him strong and established partners of international renown" in order to submit a possible proposal he said would be fair, without mentioning a price.

Transat's largest shareholder with a 19.3 per cent stake, investment firm Letko, Brosseau and Associates, has said it would support Air Canada's offer, after earlier rejecting it when the bid was $13 per share.