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

0 Comments | M2 Presswire, November, 1999

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 not to Onex or Canadian's stakeholders," stated Robert Milton, Air Canada's President and CEO. "Under our revised offer, Air Canada shareholders get more cash up front and continue to...