The company also reported a 45 percent year-over-year collapse in the second quarter.

Post was not sent - check your email addresses! At the end of June, Air Canada – which has a major capacity purchase agreement with Chorus – scrapped 21 regional routes operated by Jazz. You also have the option to opt-out of these cookies. Sign in or register for your free account, US piles up record October budget deficit of $284.1 billion, Telus Agriculture looks to bring cutting edge tech to the food supply chain, Doctors, health unions urge Alberta to take short, sharp action on COVID-19. I'd much rather buy Chorus Aviation (TSX:CHR) shares today, rather than Air Canada (TSX:AC). The Halifax-based regional aviation company said in a brief news release Friday that it had received "a preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions."

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That favours regional flights over long-haul routes. Spracklin suspects the interested party is likely a Canadian-domiciled financial sponsor rather than a strategic buyer given the weakened state of the global airline industry and foreign ownership restrictions. The pandemic is pushing New York taxis to the brink: “I can’t hold on”, Hull records highest coronavirus cases ever in startling numbers, Loblaw Increases Quarterly Dividend, Beats Third Quarter Earnings Estimates, A promising new treatment for COVID-19 authorized by the United States, still under review by Health Canada, COVID-19: UK records 33,470 more coronavirus cases – highest daily figure yet | UK News, Huge Black Friday TV deal: This 70-inch 4K TV is on sale for just $ 399.99 at Best Buy, Passenger on FIRST Caribbean cruise since March tests positive for COVID-19, During the coronavirus pandemic, Ozarks will pay you $ 10,000 to settle there, Honda launches 2022 Civic on Twitch, here’s how to watch, COVID-19: Sunak refuses to rule out return of Eat Out To Help Out | Economic news, Nvidia’s share price target is boosted at Deutsche Bank, but analysts warn of ‘super bull’ scenarios, Evander Holyfield shoots warning shot at Mike Tyson as heavyweights get closer to the fight, Val Kilmer admits he didn’t want to be in the original Top Gun but begged to be in the sequel, Covid-19 virus mutation ? Shares of Chorus, which has a market value of about C$383 million ($292 million), rose nearly 7% before being halted. This report by The Canadian Press was first published Oct. 23, 2020. Would you consider supporting Western Aviation News?

Chorus Aviation shares climb 34% thanks to takeover.

Telegram. “Our Air Canada Express operation is a fraction of what it was this time last year,” said Randell in August. This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. said on Friday it had received a non-binding acquisition proposal from a third party. In a brief statement, Halifax-based Chorus said it received a “preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions.” We’re an independent voice for and about Canadian aviation.

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Walter Spracklin of RBC Dominion Securities Inc. said he's not surprised that Chorus is a takeover target because of its unique business model and resilient cash flow streams from the fixed-fee nature of revenues. He pleaded with the government to ease travel restrictions. Tumblr. Still, its contract with Air Canada allowed Chorus to declare a small profit in its last quarterly report. Pinterest.

VK. Chorus said there's no assurance a transaction will occur and said it doesn't intend to comment further unless there is a deal to announce. (Reuters) - Canadian aircraft repair and overhaul services provider Chorus Aviation. “We have adopted the Rights Plan to protect against those who may seek to take advantage of the current market environment to the detriment of Chorus and its shareholders,” said Joe Randall, Chorus’ President and Chief Executive Officer.

October 24, 2020. Anyone coming from outside the region, however, faces quarantines and other restrictions.

We'll assume you're ok with this, but you can opt-out if you wish. Dartmouth-based Chorus, however, said there can be no assurance that any transaction will occur. Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel. Email. 'https://connect.facebook.net/en_US/fbevents.js'); ReddIt.

The company did not say who the interested buyer was. if (d.getElementById(id)) return; A Chorus-owned De Havilland Dash 8-300 lands at Vancouver International Airport in 2019 (photo: Brett Ballah). Share your opinion and gain insight from other stock traders and investors. 30. Like so many other carriers, Chorus slashed capacity in response to COVID-19. Linkedin.

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if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; (Reuters) - Canadian aircraft repair and overhaul services provider Chorus Aviation CHR.TO said on Friday it had received a non-binding acquisition proposal from a third party. Here's why I like the lesser-known company here.

Chorus, which provides regional air services under the Jazz Aviation and Voyageur Aviation banners, has been hampered by the pandemic and its impact on air passenger traffic like many of its industry peers. That's still a big drop from about $8 before the COVID-19 pandemic caused a massive loss in demand due to travel restrictions.

Updated: 13 hours ago. (Reuters) - Canadian aircraft repair and overhaul services provider Chorus Aviation said on Friday it had received a non-binding acquisition proposal from a third party. Chorus shares, which had been halted in trading, closed up 81 cents to $3.18. }(document, 'script', 'facebook-jssdk'));!function(f,b,e,v,n,t,s) This website uses cookies to improve your experience.

All quotes delayed a minimum of 15 minutes. An outright offer would normally be exempt from the Shareholder Rights provisions. 0. But opting out of some of these cookies may have an effect on your browsing experience.

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By Brett Ballah on October 23, 2020 • ( Leave a comment) Chorus confirms it has received a non-binding takeover offer Company operates regional flights for Air Canada and leases regional aircraft around the world. These cookies do not store any personal information.

“Canadian and provincial governments need to look to other G20 countries that have implemented safe, thoughtful, practical and science-based approaches to strategically ease travel restrictions to allow businesses and economies to restart and succeed as part of this new normal, ”Randell said at the time.

Our Standards: The Thomson Reuters Trust Principles.

WhatsApp. It also operates most of Air Canada’s regional turboprop and small jet services. {if(f.fbq)return;n=f.fbq=function(){n.callMethod? This category only includes cookies that ensures basic functionalities and security features of the website. Along with the company’s second quarter results released on August 12, chief executive Joe Randell said Chorus had cut about 65% of its workforce since the start of the pandemic.



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