The shareholders of Transat A.T Inc., the group that owns Air Transat, gave close to 95% approval to the arrangement agreement with Air Canada on August 23rd.
"We are delighted with the outcome of Transat's special meeting and thank its shareholders for their tremendous support," said Calin Rovinescu, President and Chief Executive Officer of Air Canada. We will build a grouping greater than the sum of its parts of which we can all be proud. We look forward to a dialogue with Transport Canada and the Competition Bureau to obtain the necessary approvals to finalize the transaction, and we are pleased to have the opportunity to demonstrate the many benefits that will flow from it. "
This strong buy-out from the Transat A.T Inc. shareholders is certainly not unrelated to the increase in the offer per share made by Air Canada in mid-August. Initially, the largest Canadian company made an offer of Cdn $ 13 per share in June, and was chosen, despite a bid for $ 14 for one-fifth of Transat's shares of the Mach Group, which specializes in hotel development. To relieve the shareholders who were surprised by this contradiction, Air Canada therefore raised its bid which overall values the redemption to 720 million Canadian dollars.
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