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Air Canada, TD Bank, CIBC, Visa Make Offer To Buy Aimia's Aeroplan
Air Canada, TD Bank, CIBC, Visa Make Offer To Buy Aimia's Aeroplan
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Air Canada has said last year it would will withdraw from Aimia’s Aeroplan program and start its own rewards plan
in 2020. Peter J Thompson/National Post
BLOOMBERG NEWS Air Canada and three financial firms are proposing to acquire the
SCOTT DEVEAU AND
Aeroplan loyalty program from Aimia Inc. for $250 million in cash.
FREDERIC TOMESCO
July 25, 2018 The group, which includes Toronto-Dominion Bank, Canadian
10:21 AM EDT
Imperial Bank of Commerce, and Visa Canada Corp., said in a
Filed under statement it would also assume the liability of about $2 billion in
News 〉 FP Street
Aeroplan points. The bid implies an estimated market value of $3.64
Comment per Aimia share, a 46 per cent premium to its closing price of $2.50
Tuesday, they said.
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7/25/2018 Air Canada, TD Bank, CIBC, Visa make offer to buy Aimia’s Aeroplan | Financial Post
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Aimia stock was up nearly 35 per cent shortly after the Toronto Stock
Exchange opened, trading at $3.37.
RECO M M EN D ED
FO R Y O U The proposed transaction would result in a positive outcome for SHARE Y O UR F EED BACK
Aimia shareholders and Aeroplan members, allowing for a smooth
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transition of Aeroplan members’ points to Air Canada’s new loyalty
program launching in 2020,” the companies said. Take our 60-second survey
Van attack victims The group has requested Montreal-based Aimia respond to its proposal by
have wider range of Aug. 2. It said the proposed transaction is subject to due diligence and the
D AILY HEAD LIN E N EW S
recourse options: customary conditions. Aimia has a market value of $380 million.
insurance lawyers
Air Canada said last year it would withdraw from Aimia’s Aeroplan Email
program and start its own rewards plan in 2020. Another key date for
Aimia comes four years later — 2024 — when contracts with By clicking "Submit", I consent to receiving the above
communication from Postmedia Network Inc. I understand
that I may unsubscribe from these communications at any
Toronto-Dominion and Canadian Imperial are due to expire. time.
Aimia said in May it had appointed Jeremy Rabe as its new chief Submit
'The ideal match':
Lululemon names executive officer. Rabe, the founding CEO of Premier Loyalty &
former Sears Canada Marketing, was nominated as a director by activist investor Mittleman
executive Calvin
Brothers and was added to the board on April 27.
McDonald as new
CEO
Aimia shares have lost more than 70 per cent of their value since Air
Canada said in May 2017 it planned to launch its own loyalty
program. Last week, Aimia said members would be able to use their
points on any major airline beginning July 2020.
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7/25/2018 Air Canada, TD Bank, CIBC, Visa make offer to buy Aimia’s Aeroplan | Financial Post
Bloomberg.com
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7/25/2018 Air Canada, TD Bank, CIBC, Visa make offer to buy Aimia’s Aeroplan | Financial Post
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Add a comment...
Ziaush Shams
I don't know how this can be legal transaction? It seems like an insider game to
take money away from the minority shareholders. Air Canada pulling themselves
out of the contract first, making the aimia shareprice tumbled and once the share
has tumbled, giving them a buy offer only to be again partner of the aeroplane!!!
How can this be a legal transaction? Air Canada should be punished for their ill
motif and wipe out the equity of minority shareholders.
Like · Reply · 12m
Leslie Persaud
Someone finally look at what's required to build a loyality platform and realized
2020 is a dream. Plan B - throw money at it and hope the problem goes away.
Like · Reply · 3m
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7/25/2018 Air Canada, TD Bank, CIBC, Visa make offer to buy Aimia’s Aeroplan | Financial Post
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