The board of directors of Transat AT Inc. has approved a takeover offer by Air Canada valued at $520 million.
The companies announced Air Canada will pay $13 per share for the travel company.
Under the deal, Air Canada says it intends to preserve the Transat and Air Transat brands and maintain the Transat head office and its key functions in Montreal.
The Air Canada deal is subject to regulatory and shareholder approvals.
In approving the Air Canada offer, the Transat board turned down a rival bid by Group Mach Inc. The Quebec real estate developer has offered $14 per share for Transat…
