AC playing the « chicken-game ».A peice of the puzzle seems to be missing in the Ac-Trz dynamic.
it's as if AC was playing the "chicken-game" with all other stakeholders to prove its point:
As long as the current offer exists, AC holds Transat shareholders on a virtual leach.
« Nothing is worth more than enlarging the control on the sector."
And AC is the only player able to offer part of this great monopolistic advantage. This is why I still believe that the deal will go through.
And by playing this chicken-game, AC will force PKP and all other interested players to systematically loose face publicly by meeting refusal from Transat shareholders.
Lots of ego-trip at that level... and now that it has the Canadian authorization in hand, the AC-Board is in position to play the chicken-game in such an arrogant way. No stress on their side... (today's 23,42$ represents 6,70$ for each Trz share + monopolistic upside).
I might be totally wrong...