Air Transat has revised its arrangement agreement with Air Canada to reflect current market and economic conditions and the devastating impact of COVID-19. Under the terms of the binding agreement they have entered into, Air Canada will acquire all issued and outstanding shares of Transat for $5.00 per share, payable at the holder’s option either in cash or shares of Air Canada, or a combination thereof, to form a global Montreal-based combined company. The purchase price represents a premium of 31.6% over the 20-day volume weighted average price (VWAP) of Transat shares on October 8, 2020. Transat has also announced

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