The European Commission says it will decide by Jan. 8 instead of its previous deadline of Dec. 11. In addition to a sharp downward revision of the value to $190 million from $720 million, the deadline for the sale initially set for Dec. 27 was postponed to Feb. 15.

Canada’s largest airline is now offering $5 for each share of the Quebec tour operator, compared with $18 previously. This proposal will be the subject of another vote and must obtain the support of at least two-thirds of the holders of Transat A. T. securities at a meeting scheduled for Dec. 15.

European regulators had decided to take a deeper look into the deal after raising concerns that the combination could lead to higher prices and lower supply.

The European Commission’s preliminary analysis notably pointed out that competition could diminish on 33 routes between Canada and Europe if Air Canada acquires Transat.