Provided by Transat A.T. Inc/CNW
Glass Lewis Follows ISS by Issuing Favourable Recommendation
Shareholders Reminded to Vote in Advance of Proxy Voting Deadline
MONTREAL, Aug. 15, 2019 /CNW Telbec/ – Transat A.T. Inc. (“Transat” or the “Corporation”) is pleased to announce that Glass, Lewis & Co., LLC (“Glass Lewis”) has recommended that Transat shareholders vote FOR the plan of arrangement (the “Arrangement”) between Transat and Air Canada.
Glass Lewis is a leading independent third-party proxy advisory firm which, among other services, provides proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
Favourable ISS Recommendation
As announced by the Corporation on August 13, 2019, Institutional Shareholder Services Inc. (“ISS”), another leading independent third-party proxy advisory firm, has also recommended that Transat shareholders vote FOR the Arrangement.
Arrangement Agreement with Air Canada
Under the terms of the binding arrangement agreement entered into by the Corporation and Air Canada on June 27, 2019, amended on August 11, 2019, and unanimously approved by the board of directors of Transat (the “Board”), Air Canada will acquire all outstanding shares of Transat for $18 per share. The value of the all-cash transaction is approximately $720 million.