Air Canada raises Transat purchase offer, secures support of largest stakeholder - Global News

Air Canada says it will spend more to buy Transat A.T. Inc., upping its total offer by $200 million and winning the support of the tour company’s largest shareholder.The new deal sees Air Canada spending $18 per share, rather than $13, bringing the total offer to roughly $720 million, up from a previously announced bid worth $520 million.Story continues belowAir Canada says it now has the backing of Letko Brosseau and Associates Inc., Transat’s largest shareholder, which holds just over 19 per cent of outstanding shares.READ MORE: Blocking Air Transat sale to Air Canada: Group Mach offers $14 per share in bidThe investor previously said it would not support the deal if the purchase price remained at $13 per share.The initial bid was announced in June, and will go to the shareholders for a vote on Aug. 23.The Air Canada deal also needs to secure approval from regulators, including Transport Canada and the Competition Bureau.WATCH: Air Canada to keep Boeing 737 MAX planes grounded until at least January, WestJet until November

from Business - Latest - Google News https://ift.tt/2yVeIjC
via IFTTT
August 12, 2019 at 08:56AM