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MONTREAL — Another advisory firm has put forth a recommendation to Transat shareholders to vote in favour of Air Canada’s acquisition offer.
Following the news earlier this week that Institutional Shareholder Services Inc. (ISS) is in support of the deal, Transat has announced that another independent third-party proxy advisory firm, Glass, Lewis & Co, is also recommending that Transat shareholders vote for the arrangement between Transat and Air Canada.
As an advisory firm, Glass Lewis provides proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
The transaction deal, which was amended on Aug. 11 and unanimously approved by Transat’s board of directors, will allow Air Canada to acquire all outstanding shares of Transat for $18 per share. This puts the value of the all-cash transaction at approximately $720 million.
The board is reminding all shareholders to vote well in advance of the proxy cut-off time of 5:00 p.m. on Aug. 21.