Transat provides an update on Pierre Karl Péladeau

Transat A. T. made an update on Friday about the purchase offer presented by Pierre Karl Péladeau, after the businessman revealed on Thursday that he was no longer interested in acquiring the tour operator.

According to Transat, Mr. Péladeau sent it a non-binding proposal on April 7, under which Gestion MTRHP, owned by Mr. Péladeau, would acquire all of the Transat shares for $ 5.00 in cash per share.

Even though the proposal called for a response within 48 hours, the two groups continued discussions until May 13, Transat said in a statement.

Gestion MTRHP’s offer was also the subject of an in-depth review by a special committee, made up of independent directors, responsible for evaluating any proposal to acquire Transat shares with the help of advisers. financial and legal.

However, Mr. Péladeau declared Thursday that he had “no more interest currently” for the tour operator, specifying that he had not been able to agree on a price with the largest shareholder of Transat AT , or the firm Letko, Brosseau & Associés.

Transat said it had taken cognizance of Mr. Péladeau’s public statements, but said it had not received any formal communication on the subject.

The marriage of Air Canada and Transat A. T., a transaction valued at 190 million, was aborted in early April without regulatory clearance from the European Commission. This green light was essential to the operation.

At the end of April, Transat A. T. reached an agreement with Ottawa to borrow up to $ 700 million to reimburse its customers whose flights were canceled due to the COVID-19 pandemic.

The carrier had previously reported needing at least half a billion dollars to get through the year.

Letko, Brosseau & Associés said in a press release Friday evening that it viewed the “current challenges” facing Transat as “temporary”.

“We are convinced that Transat’s solid franchise and its competent management team will enable the company to weather this crisis successfully,” says the firm.

“We therefore remain committed to Transat and will remain shareholders,” she adds.