August 12, 2019 / 1:15 PM / in a year

Transat says financial markets tribunal blocks Mach's offer for class B shares

Aug 12 (Reuters) - Transat A.T. Inc said on Monday that a Canadian financial markets administrative tribunal had blocked Groupe Mach’s offer to buy 19.5% class B voting shares of the Canadian tour operator.

Earlier this month, Montreal real estate developer Mach had offered to buy at least 6.9 million class B voting shares of Transat, to block a rival takeover offer from Air Canada for Transat.

Air Canada on Sunday raised its offer to buy Transat by $5 to C$18 per share, topping Mach’s takeover bid of C$14 per share. (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)

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