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Group Mach Inc. has released the following statement regarding Transat’s rejection of its proposal:
Contrary to recent media reports, Groupe Mach Inc. wishes to clarify that it never withdrew its amended proposal, instead the board of directors of Transat Inc. rejected said proposal by rendering it null and void upon entering into the arrangement agreement with Air Canada dated June 27, 2019, thus not respecting one of the conditions of our amended proposal to the effect that Transat not sign a definitive acquisition agreement with Air Canada.
As such, Mach’s formal amended proposal to the attention of the board of directors of Transat dated June 25, 2019 to acquire all issued and outstanding voting shares of Transat at a price of $14.00 cash per share became null and void. Of note, notwithstanding that our amended proposal was not conditional on financing and the expiration of the exclusivity period with Air Canada on June 26, 2019, the board of directors of Transat did not respond to our amended proposal and decided instead to execute the arrangement agreement. Based on the foregoing, Mach will not submit a superior proposal as defined under the arrangement agreement.
