Commodities

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

Credit: REUTERS/REGIS DUVIGNAU

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. [nCNWtNL76a]

Aug 12 (Reuters) - Transat A.T. Inc TRZ.TO 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 AC.TO for Transat.

Air Canada AC.TO 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)

((ShantiS.Nair@thomsonreuters.com; +1 646 223 8780 Ext: 7208))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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