Its been revealed that real-estate developer Group Mach has offered to buy tour operator Transat, with potential support from the Quebec government - despite a confirmed bid by Air Canada.
However, the report, issued by Group Mach, has been rebuffed by Transat who has been quick to reiterate that it has entered into an agreement with Air Canada.
The statement goes onto reaffirm that both Transat and Air Canada has agreed to a 30-day binding period of exclusive negotiations, beginning upon the commencement of a formal due diligence review.
The statement said: "During this exclusivity period it is contemplated that Air Canada will complete its due diligence review and the parties will finalise the negotiation of a definitive agreement regarding the acquisition of all of the shares of Transat. This exclusivity period expires towards the end of June 2019."
Transat has been quick to stress that there is no assurance that a definitive agreement will be reached in relation to any proposed transaction.