The offer from Group Mach Inc. comes after Transat announced last month it was in exclusive talks to be acquired by Air Canada, which was proposing to pay $13 per share.
Trading in Transat shares has halted ahead of the announcement. The shares closed at $11.84 on the Toronto Stock Exchange on Monday. Mach says the offer is the culmination of a process that began when it approached Transat in January. Under its offer, the company committed to keep Transat's head office, executive team and centre of decision-making in Montreal.
Transat offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands.
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