AIR CANADA: Air Canada forces revelation of $1.3 bibillion termination fees under Onex/AMR offer.

0 Comments | M2 Presswire, November, 1999

M2 PRESSWIRE-1 November 1999-AIR CANADA: Air Canada forces revelation of $1.3 billion termination fees under Onex/AMR offer (C)1994-99 M2 COMMUNICATIONS LTD RDATE:311099 MONTREAL -- For the first time since Onex/AMR launched their hostile and illegal takeover bid two months ago, Air Canada and its shareholders have learned of the onerous extent and punitive nature of the lock-up agreements among Onex, AMR and Canadian Airlines - purportedly negotiated on behalf of Air Canada and its shareholders.

Air Canada had applied to the Alberta, British Columbia, Ontario and Quebec securities commissions to compel Onex to disclose specific information on various matters regarding its hostile takeover bid. "I have no doubt that, had we not taken action with the...