TRANSAT ENDS TALKS WITH PÉLADEAU

Struggling Canadian tour operator Transat AT said on Monday it had ended discussions with Quebec businessman Pierre Karl Péladeau over a possible takeover. Transat engaged with Péladeau after Air Canada scrapped its merger plans due to stiff concerns raised by European regulators. Péladeau offered $5 per share in cash for Transat earlier this year, but the company's stock has surged nearly 60 per cent since it secured $700 million in government funding in April. Its shares fell 8.9 per cent Monday to close at $6.57 in Toronto. “Considering the current share price, the price offered no longer provides a reasonable basis to ... allow the transaction to proceed,” Transat said on Monday. Transat has suspended flights due to pandemic restrictions. The company plans to restart its operations on July 30, it said on Monday.