Shareholders of Transat AT overwhelmingly voted in favor of the cut price takeover offer from Air Canada, as the airline and tour operator revealed a last minute competing offer.
More than 91% of shareholders voted yes to accepting the $5 per share offer from Air Canada.
That is just a fraction of the original pre-pandemic offer of $18 per share, which valued the deal at $720 million.
Air Canada is now spending just $190 million to buy the company.
"You have made the right decision. We will now work to secure the regulatory approvals needed to finalize this transaction as soon as possible," said Transat CEO, Jean-Marc Eustache.
That is no foregone conclusion with Canadian and European regulators looking closely at antitrust concerns.
Just ahead of the shareholder vote, Transat revealed a competing bid was made from a private investor not involved in travel or aviation.
Transat said it was not a ‘superior proposal’ as there was no certainty the bidder would complete a deal.
Written by Ray Montgomery, US Editor
