Groupe Machs offer for 69 million Transat AT shares blocked by tribunal

Companies in this story: (TSX:TRZ, TSX:AC) The Canadian Press MONTREAL — Transat A.T. Inc. says a Quebec securities tribunal has cease traded an offer made by Groupe Mach Acquisition Inc. for 6.9 million class B voting shares of the travel company.The decision means the Montreal developer is not allowed to acquire any shares under its scheme and is expected to return promptly to shareholders any shares already deposited.The company is also forbidden from using any proxies associated with shares deposited under the scheme.Group Mach had offered $14 per share in an effort to derail a pending acquisition of the company by Air Canada. It had hoped to secure the shares and then vote against Air Canada’s offer, which requires at least two-thirds support from shareholders.However, Air Canada raised its friendly takeover offer for Transat on the weekend to $18 per share from $13 to win the support of Transat’s largest shareholder, investment firm Letko Brosseau.Transat shares were up $4.91 at $16.70 in early trading on the Toronto Stock Exchange on Monday. read more