Transat shares began a 30% trading session in Toronto on Tuesday after the long weekend announcement of the review of the deal between Air Canada and the tour operator in Montreal.
Posted Oct 13, 2020 at 9:38 AM
Air Canada is now offering to purchase Transat at a price of $ 5 per share, making the transaction worth approximately 190 million. This is a downward price revision of about 72%. The previous offer was $ 18 per share.
Transat shares closed at $ 3.83 on the Toronto Stock Exchange last Friday. With a 30% jump to $ 4.98 at the opening on Tuesday morning, Transat's share value came close to the $ 5 per share now offered by Air Canada.
Under the new offer, Transat shareholders will have the option to accept a cash amount for their shares or Air Canada shares at a ratio representing a price of $ 17.47 for Air Canada's share .