How can Aeromexico not be buying this?
Another way to look at it is this:
Aeromexico offers 600 million. On the soon to be reduced float after NCIB that is say 5.50 per share. They then get to sell CDLX for 125 million, other stuff for 100 million. Then, even if they settled the pref shares they get the rest of the cash and bada bing bada boom — they end up getting their prize of PLM for not too much above their previous stink bid.
If they find a way to rollover prefs and keep company going for some purpose they have in mind then they have a tidy 323 million in financing and those tax losses.
Surely Mittelman and his gang have been chatting with Aeromexico over plates of tacos...