MONTREAL - Quebec real estate developer Group Mach Inc. has outbid Air Canada by offering a $527.6-million takeover proposal for tour operator Transat AT Inc. which includes trying to convince the Quebec government to finance nearly one-quarter of the purchase. The $14 per share offer comes after Transat announced last month it was in exclusive 30-day negotiations to be acquired by Air Canada for $13 per share or about $520 million. Mach said the proposal is the culmination of a process that began when it approached Transat in January. TM would contribute about $15 million in cash in exchange for a minority equity stake in Transat after the proposed agreement closed, Mach said. That would cover the $15-million break fee — built into the Air Canada arrangement — that Transat would incur by accepting the higher bid.

Source: thestar June 04, 2019 13:45 UTC