(Reuters) – Transat AT Inc’s largest shareholder, Peter Letko, has said he will not sell his shares in the Canadian tour operator at the price offered by Quebec businessman Pierre Karl Péladeau, The Globe and Mail reported on Tuesday. .
Letko, vice president of Letko Brosseau and Associates, said he supports Transat AT’s plan to seek $ 500 million in loans and operate independently rather than selling at a discount, according to the https report: //www.theglobeandmail.com/business/article- says transats-plus-grand-shareionnaire-rebuffades-pierre-karl-peladeaus-offer.
Letko’s firm owns a 12.69% stake in Transat, according to data from Refinitiv.
Transat said it would hold talks with Péladeau, which offered the tour operator $ 5 per share, according to the report.
Canada’s largest airline, Air Canada, canceled its proposed acquisition of Transat for C $ 188.7 million ($ 150.04 million) last Friday, due to antitrust obstacles in Europe.
Péladeau, CEO of Canadian media and telecommunications company Quebecor Inc, said the offer he made for Transat in December was still available.
Transat said last week that its top priority was to secure financing and that it would consider all of its options, including Péladeau’s proposal.
Transat, Peter Letko and Quebecor did not immediately respond to Reuters requests for comment.
($ 1 = 1.2577 Canadian dollars)
(Reporting by Manojna Maddipatla in Bangalore; Editing by Shailesh Kuber)