Transat A.T. Inc. is warning shareholders against what it calls an B次元官网网址渁busiveB次元官网网址� and B次元官网网址渕isleadingB次元官网网址� move by Montreal real estate developer Group Mach to block the tour operatorB次元官网网址檚 sale to Air Canada.

Transat says it has filed a complaint with QuebecB次元官网网址檚 securities tribunal concerning Group MachB次元官网网址檚 effort last week to scoop up 19.5 per cent of TransatB次元官网网址檚 shares at $14 per share in order to stop the pending acquisition.

Transat says its board rejects Group MachB次元官网网址檚 bid as a B次元官网网址渟ignificant riskB次元官网网址� to shareholders that disregards their interests and subverts financial market rules.

The offer from Group Mach chief executive Vincent Chiara represents an eight per cent premium over Air CanadaB次元官网网址檚 $13 per share offer, which TransatB次元官网网址檚 board approved in June.

Group Mach hopes to secure B次元官网网址渁t leastB次元官网网址� 6.9 million Class B shareholders at a cost of about $97 million.

The CEO said last week he believes Air Canada under-values Transat, saying its sale process to the countryB次元官网网址檚 largest airline was flawed and full of uncertainty for Transat employees and its Montreal head office.

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The Canadian Press

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