Transat AT Inc. says a pair of proxy advisory services have recommended shareholders support its revised deal to be acquired by Air Canada. The revised terms will see Air Canada pay $5 per share for the parent company of Air Transat, compared with the $18 per share originally pledged in its takeover bid.

The revision brings the total sale price down by 72 percent to $190 million from $720 million.

The travel company says Institutional Shareholder Services Inc. and Glass, Lewis & Co. LLC have recommended that Transat shareholders vote for the revised acquisition transaction.

The offer has been endorsed by Transat’s board of directors but must also be approved by a two-thirds majority vote by Transat’s shareholders at a special meeting set for Dec. 15.

ISS and Glass Lewis are independent, third-party proxy advisory firms that made recommendations to large investors including pension funds, investment managers, mutual funds and other institutional shareholders.