WestJet, Onex and the 737 Max fallout

Photo by Bibhash Banerjee on Pexels.com

BNN Bloomberg, June 24, 2019 • WestJet Airlines Ltd. was on track to receive a higher price from its acquirer Onex Corp., but the private equity firm ultimately slashed its offer after Boeing 737 Max aircraft were grounded earlier this year, according to new documents.

Canada’s second-largest carrier announced in May that Toronto-based Onex had agreed to pay $31 a share to take WestJet private in a deal worth $3.5 billion. But in a circular to shareholders released Friday ahead of a vote on July 23, WestJet revealed that Onex originally indicated on March 25 that it would offer $35.75 per share.

Here’s a look at how Onex’s deal for WestJet unfolded, according to the circular.

Read the full story here

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