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Transat Clarifies Situation About Unsolicited Proposal
Transat Clarifies Situation About Unsolicited Proposal Canada NewsWire ...
About this update from Transat A.t. Inc.
[{"type":"text","content":"\n \n \n \n Transat Clarifies Situation About Unsolicited Proposal\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Gestion MTRHP Inc.\n \n \n 's\n \n December 22\n \n proposal is for\n \n $5.00\n \n and is not supported by binding, fully committed financing\n \n \n \n \n Transat Board reconfirms its unanimous support FOR the acquisition by Air Canada\n \n \n \n \n \n MONTREAL\n \n ,\n \n Jan. 12, 2021\n \n /CNW Telbec/ - Recent media and analyst reports have stated that on December 22, 2020 Mr. Pierre Karl Péladeau made a proposal to acquire the shares of Transat A.T. Inc. (\"\n \n Transat\n \n \" or the \"\n \n Corporation\n \n \") that would remain open for a period of 24 hours in the event of a rejection of the arrangement with Air Canada by regulatory authorities. Transat wishes to clarify the situation for shareholders and other stakeholders.\n \n \n These reports may mislead some investors into believing that there is an offer from Mr. Pierre Karl Péladeau's investment firm, Gestion MTRHP Inc. (\"\n \n MTRHP\n \n \"), at\n \n $6.00\n \n per share in the event that the regulatory authorities reject Transat's arrangement with Air Canada, which is incorrect.\n \n \n Transat therefore sets the record straight as follows:\n \n \n \n \n contrary to media reports, MTRHP's current proposal is actually for\n \n $5.00\n \n per share (not\n \n $6.00\n \n ),\n \n \n the proposal lacks binding, fully committed financing or evidence of sufficient cash on hand for the purpose of making the acquisition,\n \n \n the proposal lacks financing to support Transat's 2021 working capital requirements of approximately\n \n $500 million\n \n .\n \n \n \n \n \"This offer, without demonstrated committed financing, appears designed to attempt to adversely influence the regulatory approval process by suggesting that an alternative exists, should the regulatory authorities choose to reject the arrangement between Transat and Air Canada. We continue to believe that Air Canada's proposal continues to be the best option ...