QUOTE:
"Arrangement Agreement with Air Canada
Under the terms of the binding arrangement agreement entered into by the Corporation and Air Canada dated October 9, 2020, and unanimously approved by the Board, Air Canada will acquire all issued and outstanding shares of Transat for $5.00 per share, payable at holders' option either in cash or shares of Air Canada, or a combination thereof. Air Canada shares issuable under the share exchange option will be issued at a fixed price of $17.47 per Air Canada share, representing a fixed exchange ratio of 0.2862 Air Canada share per Transat share. For illustrative purposes only, on December 4, 2020, the closing price of the Air Canada shares on the Toronto Stock Exchange was $27.50. Based on that closing price, the implied purchase price for Transat would be $7.87 per share for shareholders selecting the share exchange option."
Full release
https://www.transat.com/en-CA/corpor...eleases/124343