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Chorus acquisition proposal talks end without deal, potential investment talks remain

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HALIFAX — Chorus Aviation Inc. says an acquisition proposal from an unnamed bidder that it received last fall is no longer being considered, but that it remains in talks regarding a potential investment.

The aviation company said in October that it had received a preliminary, non-binding acquisition proposal that was subject to a number of significant conditions.

The comments came as Chorus reported a fourth-quarter profit of $9.2 million, down from $36.6 million a year earlier, as travel restrictions due to the pandemic hurt demand.

The profit amounted to six cents per diluted share for the quarter, down from 23 cents per diluted share a year earlier.

Operating revenue totalled $218.2 million, down from $338.6 million.

On an adjusted basis, Chorus says it earned five cents per share for the quarter, down from 15 cents per share a year earlier.

This report by The Canadian Press was first published Feb. 19, 2021.

Companies in this story: (TSX:CHR)

The Canadian Press