(Reuters) – Transat AT Inc’s main shareholder, Peter Letko, has said he will not sell his shares in the Canadian tour operator at the price offered by Quebec businessman Pierre Karl Péladeau, the Globe and Mail.
Letko, vice president of Letko Brosseau and Associates, said he supports Transat AT’s plan to seek $ 500 million in loans and operate independently rather than selling at a discount, according to the report. here mentionned.
Letko’s company owns a 12.69% stake in Transat, according to data from Refinitiv.
Transat said it would hold talks with Péladeau, which offered the tour operator $ 5 a share, according to the report.
Canada’s largest airline, Air Canada, last Friday abandoned its plan to acquire Transat for C $ 188.7 million ($ 150.04 million), due to antitrust obstacles in Europe.
Péladeau, CEO of Canadian media and telecommunications company Quebecor Inc., said the offer he made for Transat in December was still available.
Last week, Transat said its top priority was to secure financing and that it would consider all of its options, including Péladeau’s proposal.
Transat, Peter Letko and Quebecor did not immediately respond to Reuters requests for comment.
($ 1 = 1.2577 Canadian dollars)
Report by Manojna Maddipatla in Bengaluru; Editing by Shailesh Kuber