Company News

BUZZ-Transat: Hits more than 5-yr high after new bid tops Air Canada's buyout offer

** Shares of the Canadian tour operator Transat AT Inc rise as much as ~13% to $13.40 and hits a more than 5 year high after regulator lifts trading halt

** On Tuesday, real estate developer Group Mach Inc offered to take Transat private at C$14 per share in cash, C$1 more than Air Canada’s all-cash offer

** Desjardins analyst Benoit Poirier says Air Canada could ultimately offer a better price for Transat

** Transat confirms it has taken note of Mach’s press release, but declined to provide further details on the offer

** Air Canada says is in the process of finalizing its binding agreement with Transat

** Mach’s offer comes at a time when Transat’s largest shareholder, Letko Brosseau, urged co to not sell itself to Air Canada until it had restored its profitability, according to a Globe and Mail report

** Including the session’s gains, stock has more than doubled this year (Reporting by Shanti S Nair in Bengaluru)