On January 12, 2021, Transat A.T. Inc confirmed that the earlier competing proposal referenced in its press release of December 15, 2020 was made by MTRHP, initially at a price of $5.00 per share (thereafter increased to $6.00 per share), but was determined not to be a "superior proposal" under the terms of the arrangement agreement with Air Canada. As reported in its December 15, 2020 press release, consistent with its fiduciary duties, the Board of Directors diligently investigated and considered such proposal and engaged in discussions with MTRHP in order to determine if such acquisition proposal constituted a "superior proposal" as contemplated in the arrangement agreement with Air Canada.