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Quebec developer makes formal offer to Transat, outbids Air Canada
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Quebec developer makes formal offer to Transat, outbids Air Canada

A Quebec developer who promised a takeover proposal for Transat AT Inc. has made good on his word, outbidding Air Canada in the process.

Vincent Chiara of Group Mach Inc. filed a formal offer with the tour operator Thursday.

The Montreal real estate heavyweight says he has proposed to acquire all of Transat’s voting shares for $14 each or $527.6 million.

Transat began exclusive talks with Air Canada, set to end on June 26, after the country’s largest airline made a bid of $13 per share or about $520 million last month…

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