Media mogul Pierre Carl Péladeau on Monday demanded a board shakeup and strategic overhaul of Transat AT Inc. and a seat at the negotiating table as the billionaire again sought a buyout of the struggling travel company.
Péladeau, Transat's second-largest shareholder and CEO of Quebecor Inc., said the board should be reduced to six directors (and he is among three new members) from 11 currently. The other two new candidates are sociologist and economist Jean-Marc Léger and Quebecor vice-president André Brosseau.
In the press release, Péladeau further asked Transat, which owns Air Transatto restructure its “fractured” balance sheet and initiate a strategic review that will put senior management in the crosshairs.
“These actions are necessary to demonstrate the board's commitment to creating value for shareholders and other stakeholders, and to reassure key stakeholders that the company's strategy has been re-engineered under improved and robust oversight,” he said.
He asked Transat to hold an extraordinary meeting of shareholders by February 6 to vote on the proposals.
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A few hours later, Transat responded that it was considering Péladeau's request.
“While we do not typically comment on discussions with individual shareholders, several directors recently met with Mr. Péladeau and his team to explore constructive solutions, including potential changes to the composition of the company's board of directors,” the company said in a statement.
Péladeau, whose investment company Financière Outremont Inc. owns 9.5% of Transat, has already criticized its management, most recently in 2021 after its bid to buy the Montreal company failed.
The media mogul made an unsolicited $5-per-share offer to buy Transat in December 2020 after shareholders voted in favor of Air Canada's identically priced $189 million offer.
Air Canada's offer, put forward at the height of the COVID-19 pandemic, was down 75 per cent from its pre-pandemic offer and ultimately ended after European regulators signaled they would not approve the acquisition.
Transat has struggled in recent years amid intense competition for vacation spots and a heavy debt burden, although earlier this year the company announced a major pandemic-era debt restructuring that forgives hundreds of millions of dollars in debt.
The company continues to grapple with engine recalls that have grounded four of its planes and a labor dispute that could see pilots go on strike as early as next week.
The Airline Pilots Association said Monday it would open a “strike center” near Montreal airport as the “next step towards a strike.”
However, Transat's share price rose nearly four per cent, or eight cents, to $2.28 in midday trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published Dec. 1, 2025.
© 2025 The Canadian Press
