"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 realigned under improved and robust oversight," he said.
He has asked Transat to hold a special shareholder meeting by Feb. 6 to vote on the proposals.
The media mogul had made an unsolicited bid of $5 per share for Transat in December 2020 after shareholders voted in favour of an identically priced bid from Air Canada that amounted to $189 million.
Put forward in the depths of the COVID-19 pandemic, Air Canada's offer marked a 75 per cent decrease from a pre-pandemic bid and ultimately died after European regulators signalled they would not approve the acquisition.
Transat has struggled in recent years amid stiff competition for vacation destinations and a big debt burden, though it announced a major restructuring of pandemic-era debt earlier this year that forgives hundreds of millions of dollars owed.
The company, which sells vacation packages and flights largely to spots in Europe and the Caribbean, continues to deal with engine recalls that have grounded four of its planes and a labour standoff that could see pilots go on strike as early as next week.
The Air Line Pilots Association said Monday it will open a "strike centre" near the Montreal airport in "the next step toward a strike" by the carrier's 700 aviators.
Nonetheless, Transat's share price rose nearly 19 per cent or 41 cents to close at $2.61 on the Toronto Stock Exchange.
This report by ºÃÉ«tvwas first published Dec. 1, 2025.
