Worried about the fall in its share price, Chorus adopted a poison pill in May. s.parentNode.insertBefore(t,s)}(window, document,'script', Post was not sent - check your email addresses! That's still a big drop from about $8 before the COVID-19 pandemic caused a massive loss in demand due to travel restrictions. Chorus, which provides regional air services under the Jazz Aviation and Voyageur Aviation banners, has been hampered by the pandemic and its impact on air passenger traffic like many of its industry peers. The company also reported a 45 percent year-over-year collapse in the second quarter. Mix. if (d.getElementById(id)) return; Updated: 13 hours ago. Shares of Chorus Aviation Inc. surged on the Toronto Stock Exchange Friday afternoon after the aviation holding company revealed it had sparked interest in takeovers.In a brief statement, Halifax-based Chorus said it had received a “preliminary and non-binding acquisition proposal from a third party subject to a number of important conditions.” However, he warned that there was no guarantee that the unidentified suitor’s advance would result in a transaction. That’s higher than its been since August, but still half the price shares traded at in February, before the pandemic. We survive thanks to the support of readers like you. var js, fjs = d.getElementsByTagName(s)[0]; At the end of June, Air Canada – which has a major capacity purchase agreement with Chorus – scrapped 21 regional routes operated by Jazz.
Sorry, your blog cannot share posts by email. Chorus Aviation shares climb 34% thanks to takeover.
}(document, 'script', 'facebook-jssdk'));!function(f,b,e,v,n,t,s) I'd much rather buy Chorus Aviation (TSX:CHR) shares today, rather than Air Canada (TSX:AC). The move was meant to prevent someone from quietly buying up stock on the cheap. This website uses cookies to improve your experience while you navigate through the website. Tumblr. Get all of our stories by email as they're published - free. The Halifax-based regional aviation company said in a brief news release Friday that it had received "a preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions.". Digg. It also operates most of Air Canada’s regional turboprop and small jet services. The company’s shares closed near their intraday high, gaining 34.2% to $ 3.18. You have entered an incorrect email address! if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';
(Reuters) - Canadian aircraft repair and overhaul services provider Chorus Aviation CHR.TO said on Friday it had received a non-binding acquisition proposal from a third party. fbq('init', '260030771280344'); “Chorus Aviation Inc. confirmed today that it has received a preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions,” the company said in a late afternoon news release.
Free complaint generator may help. “We have adopted the Rights Plan to protect against those who may seek to take advantage of the current market environment to the detriment of Chorus and its shareholders,” said Joe Randall, Chorus’ President and Chief Executive Officer. The company said it would not comment further “unless or until there is a transaction to announce.”. This website uses cookies to improve your experience. “There can be no assurance that any transaction will occur, or as to the timing, structure or terms of any transaction.”. He pleaded with the government to ease travel restrictions. fjs.parentNode.insertBefore(js, fjs); Published: 22 hours ago. Dartmouth-based Chorus, however, said there can be no assurance that any transaction will occur.
HALIFAX — Shares of Chorus Aviation Inc. surged 34 per cent after it confirmed receiving an acquisition proposal from an unnamed third party.
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In September, Chorus placed a new Airbus A220 with air Baltic. We also use third-party cookies that help us analyze and understand how you use this website.
Like so many other carriers, Chorus slashed capacity in response to COVID-19. Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel. Walter Spracklin of RBC Dominion Securities Inc. said he's not surprised that Chorus is a takeover target because of its unique business model and resilient cash flow streams from the fixed-fee nature of revenues. October 24, 2020.
Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. HALIFAX, Oct. 17, 2016 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced that it has received an exemption to treat Chorus’ Class A variable voting shares and Class B voting shares as a single class for the purposes of applicable take-over bid requirements and early warning reporting requirements contained under Canadian securities laws. Shares of Chorus Aviation Inc. surged Friday afternoon on the Toronto Stock Exchange after the aviation holding company disclosed that it had attracted takeover interest. VK.
An outright offer would normally be exempt from the Shareholder Rights provisions.
By Brett Ballah on October 23, 2020 • ( Leave a comment) Chorus confirms it has received a non-binding takeover offer Company operates regional flights for Air Canada and leases regional aircraft around the world. fbq('init', '417766778714379'); Share. In Atlantic Canada where Chorus is based, residents are allowed to travel freely within the region. (Reuters) - Canadian aircraft repair and overhaul services provider Chorus Aviation said on Friday it had received a non-binding acquisition proposal from a third party. Print.
In a brief statement, Halifax-based Chorus said it received a “preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions.” (function(d, s, id) {
Chorus receives takeover offer. Pinterest. It was the third of five aircraft on long-term lease to the Latvian carrier. 0.
See here for a complete list of exchanges and delays. That favours regional flights over long-haul routes.