Groupe Mach Waives Financing Condition In Bid For Transat
Anna Kroupina, Open Jaw
Groupe Mach Inc., the second party looking to acquire Transat, has announced that it is no longer seeking financial help from Quebec's provincial government to finance the deal. It requested an exclusive 30-day negotiation window with Transat to come to a buyout agreement.
The Quebec real estate firm submitted a formal offer to purchase the airline and vacation company's shares for $14 per share on 16JUN.
The offer came just as Transat was still in talks for a friendly takeover with Air Canada for $13 per share. The period of exclusivity for the AC offer expires tomorrow, 26JUN.
Groupe Mach's amended proposal requests a 30-day confidentiality agreement between Transat and Mach.
"We look forward to the Board of Directors of Transat working with us to solidify the long-term profitability of the Company as a strong and independent global leading vertically integrated leisure travel brand under the banner of Transat, thus successfully carrying out the Company's strategic plan of 2018-2022 and preserving the legacy of its founders," wrote Groupe Mach in a release.
Anna Kroupina Journalist
Anna is OJ's newest member and she joins the team as a writer/reporter. She co-writes the daily news and covers events. Although she's new to the industry, pursuing a career path in travel/tourism has been a goal since her first family road trip to the Florida Keys sparked a desire to discover the world and this exhilarating, fast-paced industry.