Real estate developer Group Mach makes formal bid for Transat
June 14 (Reuters) - Real estate developer Group Mach Inc said on Friday it had formally tabled an offer for Transat AT Inc TRZ.TO that was higher than Air Canada's AC.TO earlier bidfor the Canadian travel operator.
Mach is hoping to expand in the leisure and hospitality business with the Transat deal, using its own expertise in the ongoing development of Transat's hotel chains.
Mach said earlier this month it would take Transat private at C$14 per share in cash, C$1 more than Air Canada's AC.TO all-cash offer that valued the parent company of leisure carrier Air Transat at C$520 million.
In May, Air Canada said it was in exclusive talks to buy Transat, as it looks to boost its leisure travel business to ward off growing competition from WestJet Airlines WJA.TO.
Montreal-based Transat is locked in an exclusivity period with Air Canada that ends on June 26.
Transat was not immediately available for comment.
(Reporting by Debroop Roy in Bengaluru; Editing by Maju Samuel)
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