Air Transport World

Air Canada girds for stock vote.

Barring any new developments, stockholders of Air Canada are set to vote Nov. 8 on whether to accept the offer by Onex Corp. and American Airlines to acquire the airline and merge it with Canadian Airlines Corp. in a transaction with a total value of C$1.8 billion ($1.2 billion) in cash and stock.

Air Canada's board of directors opposes the proposal, which would pay AC stockholders C$8.25 per share in cash and stock in the successor company. In addition to grossly undervaluing AC, the offer represents a C$1 billion asset transfer from AC stockholders to Onex, AMR Corp. …

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