- Transat A.T. Inc, on Tuesday, said that it had received one alternative proposal, which is not a "superior proposal " to Air Canada’s offer.
- In an official statement, the holiday travel operator said the alternate proposal came in November this year from private investor, who is not from airline and tourism sector.
- No superior proposal has been received by Transat since August 11 last year, when the original deal with Air Canada was drawn up.
- The management has reconfirmed its support for the acquisition deal by Air Canada, and a special meeting of shareholders to vote for the same is scheduled on December 15.
- Transat Board has unanimous recommended its shareholders to vote in favour of the deal with Air Canada.
- As per the updated deal, Air Canada is offering C$ 5 for per Transat share, down from C$ 18 previously offered.
- Air Canada stocks will be issued at fixed price of C$ 17.47 per share, at an exchange ratio of 0.2862 AC share per Transat share.
- The aviation industry has been badly hit due to the pandemic, which led to strict travel restrictions and a significant slump in air travel.