DOH merge.

Discuss topics related to Air Transat.

Moderators: Sulako, lilfssister, North Shore, ahramin, sky's the limit, sepia, I WAS Birddog

Post Reply
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

No.

That's not the deal on offer from Mach.

You are talking about this multi billion dollar business like they are some Nigerian chain letter hacks running a scam to trick people.

Besides, they don't need 40% to get the No vote. With Letko against at about 19%, plus some other large stakeholders uncommitted to the AC deal, Mach might see this deal blocked with well under 19.5% of proxies.
---------- ADS -----------
 
Sharklasers
Rank 4
Rank 4
Posts: 276
Joined: Mon May 29, 2017 5:24 pm

Re: DOH merge.

Post by Sharklasers »

All the Transat pilots in this thread that have talked about how much they would have preferred to stay an independent airline and how much better Transat is to work for then mainline should pledge their shares to Mach.
---------- ADS -----------
 
TSAM
Rank 2
Rank 2
Posts: 98
Joined: Tue Sep 18, 2018 5:11 pm

Re: DOH merge.

Post by TSAM »

.
---------- ADS -----------
 
Last edited by TSAM on Wed Apr 08, 2020 4:13 pm, edited 1 time in total.
FL320
Rank 5
Rank 5
Posts: 383
Joined: Tue Sep 14, 2010 11:44 am

Re: DOH merge.

Post by FL320 »

It does not look good for Mach.
Air Canada and Transat lawyers are doing a great job, we will probably know the outcome later today..
https://www.tvanouvelles.ca/2019/08/09/ ... -transat-1
---------- ADS -----------
 
TSAM
Rank 2
Rank 2
Posts: 98
Joined: Tue Sep 18, 2018 5:11 pm

Re: DOH merge.

Post by TSAM »

.
---------- ADS -----------
 
Last edited by TSAM on Wed Apr 08, 2020 4:13 pm, edited 1 time in total.
tintin42
Rank 2
Rank 2
Posts: 68
Joined: Sat May 28, 2005 9:06 pm

Re: DOH merge.

Post by tintin42 »

altiplano wrote: Thu Aug 08, 2019 7:41 pm No.

That's not the deal on offer from Mach.

You are talking about this multi billion dollar business like they are some Nigerian chain letter hacks running a scam to trick people.

Besides, they don't need 40% to get the No vote. With Letko against at about 19%, plus some other large stakeholders uncommitted to the AC deal, Mach might see this deal blocked with well under 19.5% of proxies.
Have you read and understood the full proposal from mach or you just assume it's a fair deal since it's a big investor? That's what the offer is so that's why I don't understand why any shareholder wood take the deal.
---------- ADS -----------
 
Sharklasers
Rank 4
Rank 4
Posts: 276
Joined: Mon May 29, 2017 5:24 pm

Re: DOH merge.

Post by Sharklasers »

TSAM wrote: Thu May 30, 2019 6:57 am There's a reason we came and stay at TS, and most of us rather not see this merger happen either.
No TSAM, I am trying to help you guys out. As you stated yourself the transat pilots dont even want to come to Air Canada. This could really work out for all of us, please help spread the word in the Transat crew rooms.
---------- ADS -----------
 
tintin42
Rank 2
Rank 2
Posts: 68
Joined: Sat May 28, 2005 9:06 pm

Re: DOH merge.

Post by tintin42 »

Sharklasers wrote: Thu Aug 08, 2019 9:17 pm All the Transat pilots in this thread that have talked about how much they would have preferred to stay an independent airline and how much better Transat is to work for then mainline should pledge their shares to Mach.
Chiara, Mach's president, said in a interview that he's already considering outsourcing the airline part of the operation within a few years. That's not good for anyone at AT.
---------- ADS -----------
 
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

tintin42 wrote: Fri Aug 09, 2019 7:13 am
altiplano wrote: Thu Aug 08, 2019 7:41 pm No.

That's not the deal on offer from Mach.

You are talking about this multi billion dollar business like they are some Nigerian chain letter hacks running a scam to trick people.

Besides, they don't need 40% to get the No vote. With Letko against at about 19%, plus some other large stakeholders uncommitted to the AC deal, Mach might see this deal blocked with well under 19.5% of proxies.
Have you read and understood the full proposal from mach or you just assume it's a fair deal since it's a big investor? That's what the offer is so that's why I don't understand why any shareholder wood take the deal.
I completely understand it.

It's absolutely a good deal for an investor that's happy to sell at $13 and wants to maximize their investment.

Also, if the subscription conditions aren't met by the depositing deadline all proxies are revoked. You can also revoke your proxy after the deadline if you change your mind. The offer is pretty up front and easy to understand and while Transat execs might not like it - no golden pay day and they are going to get fired - investors looking to maximize their gains should like it and cheer a "No" vote.

You are going to get $14 if it's a No, and you are no worse off of its a "Yes".

The idea that they could just take and vote your proxy, get the "No", and then not pay you the promised consideration of $14 within 3 business days for the underlying share is ridiculous. The offer is clear, and I did read it.

Quote in the Mach offer where the deception is. It isn't there. This is a straight forward offer.
---------- ADS -----------
 
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

TSAM wrote: Fri Aug 09, 2019 7:12 am Additionally, it also says a lot you'd rather keep status quo and keep a poor contract compared to the industry outside of Canada, rather than accept what very well could be a huge benefit to AC by acquiring TS (and thus better for the pilots), and the ability to make a better contract for you and the rest of the pilots at AC and in Canada (setting precedent). But we all know this is about you-you-you, F everyone else right?
1. No, not F- anyone else. How does a "No" F- you?
2. I thought you didn't want to join AC, you're happy at TS I thought?
3. Poor contract? Better than yours! And taking you on won't help it.
---------- ADS -----------
 
Last edited by altiplano on Fri Aug 09, 2019 8:56 am, edited 1 time in total.
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

Sharklasers wrote: Fri Aug 09, 2019 7:15 amAs you stated yourself the transat pilots dont even want to come to Air Canada. This could really work out for all of us, please help spread the word in the Transat crew rooms.
Right? Hypocrites.
---------- ADS -----------
 
indieadventurer
Rank 4
Rank 4
Posts: 275
Joined: Fri Dec 05, 2008 7:59 am

Re: DOH merge.

Post by indieadventurer »

Only 19.5% of overall shareholders get the $14 if the outcome of the vote on the 23rd is a no. Everyone else not part of that 19.5%, whether they tried to be or not, is left with whatever the market deems a TRZ share to be worth. It won’t be anywhere near $13-14.
---------- ADS -----------
 
Victory
Rank 6
Rank 6
Posts: 454
Joined: Tue Sep 19, 2017 8:32 am

Re: DOH merge.

Post by Victory »

altiplano wrote: Fri Aug 09, 2019 8:53 am I thought you didn't want to join AC, you're happy at TS I thought?
Pretty sure that was just lip service to try to improve bargaining power and maintain the years long narrative that Transat is the better job.
---------- ADS -----------
 
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

indieadventurer wrote: Fri Aug 09, 2019 9:11 am Only 19.5% of overall shareholders get the $14 if the outcome of the vote on the 23rd is a no. Everyone else not part of that 19.5%, whether they tried to be or not, is left with whatever the market deems a TRZ share to be worth. It won’t be anywhere near $13-14.
So clearly with Mach is the winning place to be no matter the vote result. That's the smart move.
---------- ADS -----------
 
indieadventurer
Rank 4
Rank 4
Posts: 275
Joined: Fri Dec 05, 2008 7:59 am

Re: DOH merge.

Post by indieadventurer »

If you're part of that 19.5%, yeah it's a great place to be. If I were a holder I'd be trying to dump at $14 and be rid of this toxic equity. But for 80.5% of shareholders this deal has way too much uncertainty and it's not the best offer for the majority.
---------- ADS -----------
 
TFTMB heavy
Rank 5
Rank 5
Posts: 390
Joined: Mon Feb 16, 2004 9:58 am

Re: DOH merge.

Post by TFTMB heavy »

altiplano wrote: Fri Aug 09, 2019 8:49 am
tintin42 wrote: Fri Aug 09, 2019 7:13 am
altiplano wrote: Thu Aug 08, 2019 7:41 pm No.

That's not the deal on offer from Mach.

You are talking about this multi billion dollar business like they are some Nigerian chain letter hacks running a scam to trick people.

Besides, they don't need 40% to get the No vote. With Letko against at about 19%, plus some other large stakeholders uncommitted to the AC deal, Mach might see this deal blocked with well under 19.5% of proxies.
Have you read and understood the full proposal from mach or you just assume it's a fair deal since it's a big investor? That's what the offer is so that's why I don't understand why any shareholder wood take the deal.
I completely understand it.

It's absolutely a good deal for an investor that's happy to sell at $13 and wants to maximize their investment.

Also, if the subscription conditions aren't met by the depositing deadline all proxies are revoked. You can also revoke your proxy after the deadline if you change your mind. The offer is pretty up front and easy to understand and while Transat execs might not like it - no golden pay day and they are going to get fired - investors looking to maximize their gains should like it and cheer a "No" vote.

You are going to get $14 if it's a No, and you are no worse off of its a "Yes".

The idea that they could just take and vote your proxy, get the "No", and then not pay you the promised consideration of $14 within 3 business days for the underlying share is ridiculous. The offer is clear, and I did read it.

Quote in the Mach offer where the deception is. It isn't there. This is a straight forward offer.
This is from the Q&A that Mach put out, pretty clear they will use all deposited shares to vote NO and then only buy up to 19.9% of the shares.

HOW WILL DEPOSITED SHARES BE VOTED?
As a condition of take up and payment of the Shares, a depositing Shareholder is required to appoint the Offeror as its nominee and proxy for the Special Meeting in respect of allShares deposited pursuant to the Offer (the “Deposited Shares”) by August 13, 2019, regardless of the number of Deposited Shares actually taken up and paid for by Offeror.
Upon deposit, the depositing Shareholder will appoint, or instruct the Intermediary of a beneficial Shareholder to appoint, Alfred Buggé, Executive Vice President, Mergers & Acquisitions of Mach and Vincent Chiara, President of Mach, as the proxyholders in respect of the Deposited Shares and to vote against the Arrangement Resolution at the Special Meeting and assign all other rights, including Dissent Rights (as defined below), over the Deposited Shares in favour of the Offeror notwithstanding (i) any Pro Rata Condition (as defined below) and (ii) that the take-up and payment of Deposited Shares occurs within three Business Days following the Expiry Time (as defined below).
THE OFFEROR INTENDS TO VOTE ALL DEPOSITED SHARES AGAINST THE ARRANGEMENT RESOLUTION.
---------- ADS -----------
 
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

You're seeing things and reading incorrectly into that.

They are clear that they will under no circumstances take up more than 19.9% of the shares and will amend the offer to reflect the actual on the 13th and revoke any other proxies.

They can't under the, previously mentioned, shareholder protection rules.

Further, you still retain the ability to revoke your proxy right up to the 23rd.

Smoke and mirrors from Transat as Chiara said.

Bad for 80%? hardly... we know another 20% at Letko is adamantly against it. The next 2 largest are certainly nonplussed on the idea... combined that's a majority right there.
---------- ADS -----------
 
TFTMB heavy
Rank 5
Rank 5
Posts: 390
Joined: Mon Feb 16, 2004 9:58 am

Re: DOH merge.

Post by TFTMB heavy »

altiplano wrote: Fri Aug 09, 2019 10:50 am You're seeing things and reading incorrectly into that.

They are clear that they will under no circumstances take up more than 19.9% of the shares and will amend the offer to reflect the actual on the 13th and revoke any other proxies.

They can't under the, previously mentioned, shareholder protection rules.

Further, you still retain the ability to revoke your proxy right up to the 23rd.

Smoke and mirrors from Transat as Chiara said.

Bad for 80%? hardly... we know another 20% at Letko is adamantly against it. The next 2 largest are certainly nonplussed on the idea... combined that's a majority right there.
Please show me where it says that they will cancel proxies for shares above the 19.9% mark?
---------- ADS -----------
 
altiplano
Rank 11
Rank 11
Posts: 4361
Joined: Sat Jan 22, 2005 2:24 pm

Re: DOH merge.

Post by altiplano »

They can't take over 19.9% subject takeover restrictions, and they will announce the amount of shares acquired on the offer close date.

If you don't think they are going to cancel them, or return them you better pay attention to how many they get and cancel them yourself on the 13th 6pm Montreal time...

I think No is good though, even if you're holding shares. These guys see a new future for Transat beyond just rolling it in...

The other big players aren't a "No" because they think the stock price is going down...
---------- ADS -----------
 
TSAM
Rank 2
Rank 2
Posts: 98
Joined: Tue Sep 18, 2018 5:11 pm

Re: DOH merge.

Post by TSAM »

.
---------- ADS -----------
 
Last edited by TSAM on Wed Apr 08, 2020 4:13 pm, edited 1 time in total.
Post Reply

Return to “Air Transat”