In late August Onex announced a $1. 8 bn. bid to purchase Air Canada and Canadian Airlines and merge them into a single carrier, which would keep the Air Canada name. Onex would invest $250 million to own 31% of the new entity, American Airlines would invest $625 million to own 14. 9%, with the remaining ownership widely held by Canadians. The Canadian Airlines Board has accepted the offer. Air Canada appears opposed to the bid and in early September delayed until January 7 a shareholders meeting to review any takeover. Onex has responded with a court application seeking to move the meeting up to November 8.
Onex is being represented by Davies, Ward & Beck; Canadian Airlines is being represented by Bennett Jones; Air Canada is being represented by Stikeman Elliott, and counsel to American Airlines is McCarthy Tétrault.