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Transat A.T. Inc. has announced that, at the special meeting of its shareholders held Aug. 23, a significant majority of shareholders voted in favour of the special resolution approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act pursuant to which Air Canada will acquire all of the issued and outstanding Class A variable voting shares and Class B voting shares of Transat for $18.00 per share in cash.
Shareholders carrying an aggregate of 26,530,771 votes, representing approximately 70.28 per cent of votes entitled to be cast at the meeting, were represented in person or by proxy at the meeting. The arrangement resolution was approved by 94.77 per cent of the votes cast by shareholders, voting together as a single class, as well as 94.69 per cent of the votes cast by shareholders, voting together as a single class, excluding the votes of Jean-Marc Eustache whose votes are required to be excluded in determining minority approval pursuant to Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions.
“We are delighted by the shareholder support for the arrangement that will create a Montreal-based travel leader, able to compete on a global scale” said Jean-Marc Eustache, president and chief executive officer of Transat. “This transformative transaction will create long-term benefits for our employees, travellers and communities, all the while providing significant value for our shareholders.”
The arrangement remains subject to certain closing conditions including the approval of the Superior Court of Québec and applicable regulatory approvals such as the approvals under the Competition Act (Canada), the Canada Transportation Act and the European Union Council Regulation (EC) No. 139/2004, as well as other customary closing conditions.