Air Canada and Transat announce Increased Purchase Price to $18 per Share for 100% of Transat and Lock-up and Support Agreement with Transat's Largest Shareholder, Letko Brosseau
Air Canada to increase its purchase price from $13 to $18 per share, representing an aggregate purchase price of approximately $720 million
Letko Brosseau, Transat's largest shareholder holding approximately 19.3% of outstanding shares, has entered into a lock-up and support agreement, confirming its support for the Air Canada acquisition.
Apparently the deal was supposed to get a lot of heat from the competition bureau but I don't think that's going to be the case anymore.
Flights in Canada have long been overpriced - just like our Telecom, Food, Power & Utilities, Insurance, and Real Estate - and now the competition seems to be decreasing in a space where two airlines control like 85% of all domestic seats.
Do you think this deal should be denied on anti-competitive grounds?
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