MONTREAL - Group Mach said Wednesday it is no longer in the running to buy Transat A.T., stating the tour operator chose to ignore its proposal even though it featured a higher price than Air Canada’s offer. Alfred Bugge, head of mergers and acquisitions at Group Mach, said Transat was well aware of the Quebec developer’s $14-per-share offer last week but forged ahead with an Air Canada takeover agreement priced at $13 per share. It would be ridiculous.” Under the agreement, Transat shareholders will convene by Aug. 26 to vote on the Air Canada deal, valued at $520 million. “We believe Air Canada’s offer doesn’t reflect the value of Air Transat,” PenderFund portfolio manager Amar Pandya said in an email last week. The two companies announced the transaction last Thursday, which will preserve the Transat and Air Transat brands and keep the head office and key functions in Montreal.

Source: thestar July 03, 2019 19:10 UTC