Company News

BUZZ-Transat shares rise to trade above Group Mach's offer

** Canadian tour operator’s shares up 1.3% at C$14.20 to trade above the C$14 per share buyout offer by real estate developer Group Mach

** Group Mach and Air Canada are both looking to buy TRZ, with Mach’s offer pipping AC’s by C$1 per share

** TRZ shares have risen more than 34% since its talks with AC were announced on May 16

** AC and TRZ have been locked in a 30-day exclusivity period that ends on Wednesday

** Letko, Brosseau & Associates Inc, TRZ’s largest shareholder, has urged the company to drop its deal with AC, according to a report by The Globe and Mail last month

** The investment manager told the newspaper that TRZ should not consider any offer until it returns to profitability

** On Tuesday, Group Mach said it did not need to rely on funding from Quebec, something that AC had argued about to imply that the airline’s offer was more attractive (Reporting by Debroop Roy in Bengaluru)