(Reuters) - Transat AT Inc (TRZ.TO) said on Tuesday it was filing a complaint with the Canadian financial markets administrative tribunal against Groupe Mach’s latest offer to buy 19.5% class B voting shares of the Canadian tour operator.
Montreal real estate developer Mach had made the offer on Friday to block Air Canada’s (AC.TO) all-cash bid of C$520 million ($394 million), or C$13 a share, which Transat had accepted in June.
Transat, which recommended that shareholders reject Mach’s offer, also said it was reviewing other potential legal proceedings against Mach.
“This is nothing short of them depriving shareholders of their lawful right to dispose of their shares as they wish, including who they give their voting rights to,” Alfred Buggé Executive Vice-President, Mergers & Acquisitions at Mach told Reuters on Tuesday.
“If Air Canada and Transat keep up playing these games... we urge shareholders to speak loudly at the shareholders’ meeting and to vote against Air Canada,” he added.
Reporting by Shanti S Nair and Uday Sampath Kumar in Bengaluru; Editing by Shailesh Kuber