MONTREAL — Transat AT Inc. says talks with Pierre Karl Peladeau regarding the potential acquisition of the travel company have ended without a deal.

Peladeau had made a non-binding offer for Transat of $5 per share in cash.

Transat says that given its current share price, it is unlikely that the offer would receive shareholder approval.

Shares in the company closed at $7.21 on the Toronto Stock Exchange on Friday.

Transat says it plans to focus its efforts on its strategic plan and on the restart of its operations and flights on July 30.

Air Canada pulled the plug on its deal to buy Transat earlier this year over Europe’s unwillingness to approve the transaction.

This report by The Canadian Press was first published June 21, 2021.