MONTREAL - A Quebec developer who promised a takeover proposal for Transat AT Inc. has made good on his word, outbidding Air Canada in the process. The Montreal real estate heavyweight says he has proposed to acquire all of Transat’s voting shares for $14 each or $527.6 million. Transat began exclusive talks with Air Canada, set to end on June 26, after the country’s largest airline made a bid of $13 per share or about $520 million last month. Transat confirmed Friday it received Chiara’s proposal and said the offer, which would take the publicly held company private, is subject to financing conditions and a due diligence process. The travel company added that Air Canada is expected to complete its own due diligence in order to finalize a definitive agreement, but noted there was no guarantee that one will be reached.

Source: thestar June 14, 2019 17:37 UTC