Transat Shareholders Reject Bid by Peladeau to Seize Board Control

Transat A.T. Inc. shareholders have rejected a bid by Quebec billionaire Pierre Karl Péladeau to effectively seize control of the company’s board.

During Transat’s annual meeting in Montreal today, the CEO of media company Quebecor was unable to generate enough support from fellow shareholders for a proposal that would have seen him and two associates named to a board where they would make up half of the members.

The associates he wished to bring to the board are familiar names in Quebec — pollster and economist Jean-Marc Léger and Quebecor vice-chair André Brosseau.

Péladeau’s investment firm Financière Outremont Inc. holds just under 10% of Transat shares, making it the company’s second largest shareholder. After trying and failing to purchase the company coming out of the pandemic, Péladeau took another run at it, at a time when Transat’s stock price is down by 50% over five years.

Transat’s status quo was preserved when institutional investors and proxy advisors voted in favour of the slate of directors proposed by Transat’s current management.

The news of Péladeau’s rejection came after Transat had reported first quarter 2026 results that showed a marked improvement from the same period a year ago.

But while the results beat expectations, they also continued a long streak where profitability has remained elusive in a competitive marketplace that is vulnerable to external shocks.

Transat lost $29.5 million for the three months ended January 31, a big improvement from a loss of $122.5 million in the same period a year earlier. There’s still a distance to travel, but with the improved results and shareholder approval for its board proposal, Transat has to be looking at today as a good day.

“Overall, our achievements demonstrate that Transat is moving in the right direction in laying the foundation for long-term shareholder value creation,” said CEO Annick Guérard.