AIR CANADA: Air Canada provides initial reaction to On Onex counterbid.

0 Comments | M2 Presswire, November, 1999

M2 PRESSWIRE-8 November 1999-AIR CANADA: Air Canada provides initial reaction to Onex counterbid (C)1994-99 M2 COMMUNICATIONS LTD RDATE:051199 MONTREAL -- Air Canada announces that it has, on a preliminary basis, reviewed the revised terms of the Onex/AMR offer for the shares of Air Canada announced earlier this morning.

While Air Canada will make a more detailed announcement later today, its preliminary observations regarding the revised Onex/AMR offer as follows: The increase of the "sticker price" to $17.50 per share does not provide significantly more value. The revised offer involves no more than the addition of $100 million financed by AMR, which translates into no more than approximately an additional $0.50 per Air Canada share in cash on a pro...