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Transat A.T. Inc. announced that Glass, Lewis & Co., LLC (Glass Lewis) has recommended that Transat shareholders vote for the plan of arrangement between Transat and Air Canada.
Glass Lewis is a leading independent third-party proxy advisory firm which, among other services, provides proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
Favourable ISS recommendation
As announced by the corporation on Aug. 13, 2019, Institutional Shareholder Services Inc. (ISS), another leading independent third-party proxy advisory firm, has also recommended that Transat shareholders vote for the arrangement.
Arrangement agreement with Air Canada
Under the terms of the binding arrangement agreement entered into by the corporation and Air Canada on June 27, 2019, amended on Aug. 11, 2019, and unanimously approved by the board of directors of Transat, Air Canada will acquire all outstanding shares of Transat for $18 per share. The value of the all-cash transaction is approximately $720 million.
Special meeting of Transat shareholders
In accordance with the terms of an interim order of the Québec Superior Court obtained on July 17, 2019, Transat Shareholders will be asked to consider and vote on a special resolution approving the arrangement. A special meeting of Transat shareholders will be held at 10 a.m. on Friday, Aug. 23, 2019 at the Sofitel Montreal Hotel located at 1155 Sherbrooke Street West, Montréal, Que.
Transat’s board and the special committee of the board, supported by their financial and legal advisors, reiterate their unanimous recommendation that the arrangement with Air Canada is in the best interest of Transat and its stakeholders and is fair to Transat shareholders, and unanimously recommend that shareholders vote for the special resolution approving the arrangement with Air Canada.
The board reminds all shareholders to vote well in advance of the proxy cut-off time of 5 p.m. (Montréal time) on Aug. 21, 2019.