Péladeau abandons effort to buy Transat
May 14, 2021, 9:13 am
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Péladeau abandons effort to buy Transat
From the Globe and Mail (subscription may be required to read the full article):
Quebec media magnate Pierre Karl Péladeau is abandoning his effort to buy Transat AT, increasing the odds the Canadian travel company will now go it alone as it tries to rebuild its decimated business in the months ahead.
Mr. Péladeau, chief executive and controlling shareholder of Quebecor Inc., is walking away after a disagreement with Transat’s main shareholder, Letko Brosseau and Associates, over the travel company’s valuation. Letko believes Transat is worth more than $5 per share and Mr. Péladeau does not, he told Quebecor’s tabloid Journal de Montréal newspaper Thursday.
It's not clear he was ever serious about buying TS in the first place (I certainly didn't believe he was), so this isn't really a surprise.
But with the federal bailout in place, TS probably has a decent amount of running room.
Quebec media magnate Pierre Karl Péladeau is abandoning his effort to buy Transat AT, increasing the odds the Canadian travel company will now go it alone as it tries to rebuild its decimated business in the months ahead.
Mr. Péladeau, chief executive and controlling shareholder of Quebecor Inc., is walking away after a disagreement with Transat’s main shareholder, Letko Brosseau and Associates, over the travel company’s valuation. Letko believes Transat is worth more than $5 per share and Mr. Péladeau does not, he told Quebecor’s tabloid Journal de Montréal newspaper Thursday.
It's not clear he was ever serious about buying TS in the first place (I certainly didn't believe he was), so this isn't really a surprise.
But with the federal bailout in place, TS probably has a decent amount of running room.
May 19, 2021, 8:49 am
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But with the federal bailout in place, TS probably has a decent amount of running room.