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Company News

Mach looks to buy Transat class B shares to stall Air Canada-Transat deal

Aug 2 (Reuters) - Montreal real estate developer Group Mach on Friday offered to buy at least 6.9 million or about 19.5% class B voting shares of Transat AT Inc at C$14, as it looks to block Air Canada’s takeover of the Canadian tour operator.

Transat in June accepted Air Canada’s all-cash bid of C$520 million or C$13 a share, over a C$14 per share offer from Mach.

Mach said it plans to vote against the Air Canada-Transat deal with all the shares it buys, but has no intention to launch a formal hostile take-over bid. (Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)

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