Air Canada receives Onex proposal

(Sept. 8 18:00 ET) – Air Canada received a copy of the takeover
bid circular of Airline Industry Revitalization Co., also known as
AirCo, today. AirCo is a corporation controlled by Onex Corp.

The offer provides a purchase price per Air Canada Share of either
$8.25 in cash or one common share of AirCo. The aggregate consideration
payable under the offer would not exceed 50% cash or 50% AirCo
shares.

AirCo has proposed to merge Air Canada and Canadian Airlines.
AMR, the parent company of American Airlines, which also
owns 33% of Canadian Airlines, is a major partner of Onex in
AirCo.

-IE Staff

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