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Leading independent proxy advisory firms ISS and Glass Lewis recommend Transat shareholders vote FOR the revised acquisition transaction with Air Canada
Leading independent proxy advisory firms ISS and Glass Lewis recommend Transat shareholde...
About this update from Transat A.t. Inc.
[{"type":"text","content":"\n \n \n \n Leading independent proxy advisory firms ISS and Glass Lewis recommend Transat shareholders vote FOR the revised acquisition transaction with Air Canada\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n Transat Board reconfirms its unanimous support for the acquisition transaction with Air Canada\n \n \n \n MONTREAL\n \n ,\n \n Dec. 7, 2020\n \n /CNW Telbec/ - Transat A.T. Inc. (\"Transat\" or the \"Corporation\") is pleased to announce that Institutional Shareholder Services Inc. (\"ISS\") and Glass, Lewis & Co., LLC (\"Glass Lewis\") have recommended that Transat Shareholders vote FOR the revised acquisition transaction (the \"Arrangement\") between Transat and Air Canada. The board of directors of Transat (the \"Board\") also unanimously reconfirmed their support for the acquisition transaction with Air Canada.\n \n \n \n Favourable ISS and Glass Lewis Recommendations\n \n \n \n ISS and Glass Lewis are leading independent, third-party, proxy advisory firms which, among other services, provide proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.\n \n \n \n In reaching its conclusion, ISS noted:\n \n \n \n \n \"The rationale behind the revised agreement appears sound. Shareholders can elect to receive the consideration entirely or partly in cash, by electing to receive the cash consideration it would provide shareholders with certainty of value and immediate liquidity. Shareholders can also elect to receive the consideration entirely or partly in Air Canada shares. This share payment alternative provides shareholders the opportunity to participate in the potential long-term value and upside that could be created by Air Canada. The revised arrangement also gives the company the ability to respond to superior proposals. In light of the above reasons, the favourable market reaction and the absence of significant governance concerns, shareholder approval of this resolution is warranted.\"\n \n \n \n \n Glass Lewis further concluded:\n \n \n \n \n \"...