Send this page to someone via email

MONTREAL – A Quebec real estate developer has made a takeover offer for Transat AT Inc. worth $14 per share in cash, which is above what Air Canada has proposed.

The offer from Group Mach Inc. comes after Transat announced last month it was in exclusive talks to be acquired by Air Canada, which was proposing to pay $13 per share.

READ MORE: Air Canada in talks to purchase Air Transat for $488 million

Trading in Transat shares has halted ahead of the announcement. The shares closed at $11.84 on the Toronto Stock Exchange on Monday.

Mach says the offer is the culmination of a process that began when it approached Transat in January.

READ MORE: List of Quebec business leaders interested in buying Transat AT continues to grow

Under its offer, the company committed to keep Transat’s head office, executive team and centre of decision-making in Montreal.

Story continues below advertisement

Transat offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands.

WATCH: Westjet to be purchased by Onex Corporation in multi-billion dollar deal

1:55 Calgary based Westjet to be purchased by Onex Corporation in multi-billion dollar deal Calgary based Westjet to be purchased by Onex Corporation in multi-billion dollar deal