AIR CANADA: Air Canada increases cash offer to shshareholders to $16.

M2 PRESSWIRE-3 November 1999-AIR CANADA: Air Canada increases cash offer to shareholders to $16 (C)1994-99 M2 COMMUNICATIONS LTD RDATE:021199 * Board finds revised Onex-AMR Offer inadequate TORONTO -- Today Air Canada announced that it has increased the price per share under its Issuer Bid from $12 to $16.

Air Canada will purchase up to 36.4 percent, or up to 68,750,000 of its Common Shares and Class A Non-voting Shares for $1.1 billion in cash. "The cash we're offering belongs to our shareholders, and if it is to be paid out, it should be paid 100 percent to them and ...

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