Travel Company Transat Surges After Disclosing Talks on Sale
(Bloomberg) -- Canadian tour operator Transat A.T. Inc. surged after disclosing it’s in talks “with more than one party” for a potential sale.
Shares of the Montreal-based company, which offers tours and airlines tickets to the Americas and Europe, climbed as much as 56 percent after a trading halt ended, the most on record. They were up 41 percent at 11:09 a.m. in Toronto, after falling 31 percent in the year through Monday’s close.
Ongoing “preliminary” discussions resulted from “expressions of interest” received by the company, Transat said in a statement Tuesday. A special committee of independent directors will evaluate the proposals, it said.
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