ACE Aviation buys back preferred shares for cancellation for $73.6 million
Mon Sep 21, 9:57 AMThe Canadian Press
By The Canadian Press
MONTREAL - ACE Aviation Holdings Inc. (TSX: ACE-B.TO), the parent company of Air Canada (TSX: AC-B.TO), said Monday it was repurchasing and cancelling all of its preferred shares in a deal worth $73.6 million.
The Montreal-based holding company, which has actively discussed dissolution in the past, said it will buy back 3.2 million preferred shares from Morgan Stanley Canada Ltd. for $23 apiece.
No other terms of the deal were immediately disclosed. ACE, which owns 75 per cent of Air Canada, has put off a formal vote to dissolve the company due to opposition from some shareholders and board members.
158.94 (1.43%)
