Riel Roussopoulos
Advisory firms Glass Lewis, ISS back revised Transat deal with Air Canada
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Air Transat and an Air Canada aircrafts are seen on the tarmac at Montreal-Trudeau International Airport in Montreal on April 8, 2020.
Paul Chiasson/The Canadian Press
Transat AT Inc. says a pair of proxy advisory services have recommended shareholders support its revised deal to be acquired by Air Canada.
The revised terms will see Air Canada pay $5 per share for the parent company of Air Transat, compared with the $18 per share originally pledged in its takeover bid.
The revision brings the total sale price down by 72 per cent to $190 million from $720 million.
The travel company says Institutional Shareholder Services Inc. and Glass, Lewis & Co. LLC have recommended that Transat shareholders vote for the revised acquisition transaction.
The offer has been endorsed by Transat’s board of directors but must also be approved by a two-thirds majority vote by Transat’s shareholders at a special meeting set for Dec. 15.
ISS and Glass Lewis are independent, third-party proxy advisory firms that made recommendations to large investors including pension funds, investment managers, mutual funds and other institutional shareholders.
Published at Mon, 07 Dec 2020 19:54:40 +0000
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