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Air Canada has cut the price it will pay for tour operator Transat to C $ 190 million ($ 144 million) from C $ 720 million as the coronavirus pandemic has triggered air travel stoppage and lowered values airlinesAir Canada (ACDVF) announced on Saturday that it would purchase all Transat shares at a reduced price of $ 5 per share, payable at the option of Transat shareholders in cash or in Air Canada shares at a fixed exchange rate. of 02,862 Air Canada shares for each Transat share The new purchase price represents a premium of 316% on the 20-day volume-weighted average price (VWAP) of Transat shares in October8 The agreement results in a of $ 1747 for Air Canada shares, company said Air Canada shares closed 34% at $ 1227 on Friday The Canadian airline said the reduction in the value of the transaction reflects "the unprecedented impact of COVID-19 on the global airline industry, which has suffered a sharp decline in air travel since the initial agreement between Air Canada and Transat was signed ” In August last year, Air Canada shareholders approved the acquisition of Transat, which operates Air Transat, in a transaction valued at C $ 720 million."COVID-19 has had a devastating effect on the global airline industry, with a significant impact on the value of airlines and aviation assets Nonetheless, Air Canada intends to complete its acquisition of Transat, at a reduced price and under modified conditions, ”said Air Canada CEO Calin Rovinescu "This combination will ensure the stability of the operations of Transat and its stakeholders and position Air Canada, and even the Canadian aviation industry, to emerge more strongly as we enter the post-COVID-19 world."The Board of Directors of Transat unanimously agreed that the amended transaction is in the best interests of Transat and its stakeholders, and recommends that Transat shareholders vote in favor of the transaction In addition, each of Transat's directors has entered into a voting agreement under which each of them has undertaken to vote in favor of the transaction The transaction remains subject to the approval of the shareholders, to the approval of the court , approval by the Toronto Stock Exchange, subject to certain customary and other conditions, and regulatory approvals, including the ongoing approval process from regulatory authorities in Canada and the European Union The deal is expected to close in late January or early February 2021 Air Canada shares have fallen 67% so far this year as the pandemic-induced global airline crisis has forced many airlines around the world to tie up the majority of their fleets and significantly reduce their expenses (See Air Canada stock analysis on TipRanks) Looking ahead, Wall Street analysts have a cautiously bullish outlook on the stock Moderate buy consensus is based on 5 buy ratings and 3 ratings In light of the recent fall in stocks, the $ 16.34 average price target reflects a potential upside of 33% in the next 12 months Related News: Airbus Jet deliveries show a high monthly level in September, No new orders AT&T Key recipient of Defense Department's $ 600 million prize for 5G testing GameStop explodes 44% on major Microsoft links, as negotiation resumes * Microsoft or Apple: which tech giant is better choice? * Ameren increases quarterly dividend by 4% * Airbus Jet deliveries show high monthly level in September, No new orders
MONTREAL - Air Canada is still looking to take Transat AT under its wing despite the COVID-19 pandemic that has rocked the airline industry, but it will pay much less than initially expected
Air Canada is still looking to take Transat AT under its wing despite the COVID-19 pandemic that rocked the airline industry, but it will pay much less than initially expected
Air Canada is still looking to take Transat AT under its wing despite the COVID-19 pandemic that rocked the airline industry, but it will pay much less than initially expected
Air Canada will pay almost four times less to take the Transat AT under its wing
Air Canada reduced the purchase price of tour operator Transat AT Inc to nearly a quarter of its previous offer, citing the impact of the Covid-19 epidemic on the airline industry
Air Canada and Transat AT, the parent company of Air Transat, have renegotiated the terms of their planned merger, sharply lowering the price per share This decision was prompted by the devastating impact of the coronavirus on the airline industry. Montreal-based carriers said on October 10 that
Air Canada had obtained Transat shareholder approval for the transaction last year with a softened C $ 18.00 share offering, to strengthen its leisure activity Under revised terms of the agreement, Air Canada has announced that it would acquire all the shares of Transat for C $ 5 per share, which represents a premium of approximately 305% at the last closing of Transat on Friday "Air Canada intends to finalize its acquisition of Transat, at a reduced price and modified conditions, "Calin Rovinescu, CEO of Air Canada said in a statement
Air Canada will pay almost four times less to take Transat AT under its wing The two companies announced on Saturday a review of the transaction where the largest air carrier in the country will pay $ 5 for each share of the Quebec tour operator - far from $ 18 - in referring to the “unprecedented impact of COVID-19 on the“ global airline industry ”

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