Transat Pushes Back Against Peladeau’s Bid for Control

Transat says its ‘recovery’ plan is working and is urging shareholders to vote against the board shakeup and leadership overhaul demanded by Quebec media tycoon Pierre Karl Peladeau.

Peladeau is the company’s second-largest shareholder through his investment firm Financiere Outremont Inc., which owns 9.5% of Transat. He attempted to purchase Transat back in December, 2020, matching a low-ball bid by Air Canada in the depths of the pandemic.  

In early December 2025, Peladeau issued a press release alleging that Transat’s balance sheet is “broken.” He called for the company’s board to be reduced to six directors — with him among three new members — from 11 currently. 

“Your investment deserves better than a shareholder seeking effective control of your company without paying you a premium,” Transat said in a press release this week.

The company announced that it has filed and commenced the mailing of its notice of meeting and management information circular in connection with its upcoming Annual General and Special Meeting of Shareholders scheduled to be held on March 10. 

“At this year’s Meeting, the election of the Board is being contested and your vote is critical. Transat is building positive momentum and is proposing an eight-person Board comprised of industry experts and experienced new and returning nominees. Shareholders are encouraged to read Transat’s Meeting Materials to understand why it is important to support Transat’s Board nominees,” the Transat statement added.

Transat says it has voting and support from two key large shareholders together holding 16.1% of the voting shares, and encouraged shareholders to “vote BLUE to keep building Transat’s momentum.”

Transat says it offered the Peladeau-run Financière Outremont one Board seat, consistent with its ownership position of less than 10% of the company’s outstanding shares. “Financière Outremont declined this reasonable proposal,” Transat stated.

The company argues that it is “delivering results and progressively bringing the company back on a profitable growth path after a challenging period.”

It says it has stabilized operations, strengthened financial performance, preserved shareholder value, and laid the foundation for long-term value creation. 

“As Transat enters its next phase, the proposed slate (of Board members) reflects a deliberate balance of continuity and complementary expertise to ensure disciplined execution and continue to build on this last year’s positive momentum.” 

Yesterday, Transat announced that it would no longer fly U.S. routes, continuing an increased focus on Europe, South America and sun destinations.