Saskatoon StarPhoenix



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.

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