Air Canada's sweetened bid for Transat a fair offer: shareholder

Air Canada’s revised C$720m bid for Canadian tour operator Transat is a fair offer and should secure investor backing for the transaction, Transat’s fourth-largest shareholder said Monday. Air Canada, Canada’s largest airline, raised its offer for Transat by 38.5% to C$18.00 per share on Sunday, winning support from its largest shareholder Letko Brosseau, which holds about 19.3% of shares. Amar Pandya, a senior investment analyst and portfolio manager for Vancouver-based PenderFund Capital Management, would not specify how the company would vote on Air Canada’s offer. “At this price, we think it’s a fair offer,” Pandya said in a phone interview. “We think there will be support from shareholders.” PenderFund Capital holds about 3% of shares in Transat, according to Pandya and Refinitiv data, exceeded by only three other shareholders. Air Canada needs the support of two-thirds of Transat shareholders during a meeting to be held on Aug. 23 in Montreal.<br/>