Groupe Mach “Clarifies” Transat Rejection Of “Superior” Proposal
Bruce Parkinson, Open Jaw
Groupe Mach Inc. says that contrary to recent media reports it never withdrew its proposal to acquire Transat. Instead, the company says Transat’s Board of Directors rejected the proposal when it entered into the arrangement agreement with Air Canada dated 27JUN.
“As such, Mach's formal amended superior proposal to the attention of the Board of Directors of Transat dated 25JUN, 2019 to acquire all issued and outstanding voting shares of Transat at a price of $14.00 cash per share became null and void,” Groupe Mach said in a press release.
“Of note,” Groupe Mach adds: “notwithstanding that our superior Amended Proposal was not conditional on financing and the expiration of the exclusivity period with Air Canada on 26JUN, 2019, the Board of Directors of Transat did not respond to our Amended Proposal and decided instead to execute the Arrangement Agreement. Based on the foregoing, Mach will not submit a superior proposal as defined under the Arrangement Agreement.”