Aeroplan value $6.57CAD, AIM value $10.13 CAD
You can check below link of Q2 letter for all of Mittleman investments and their own opinion of AIM and Aeroplan. This goes back just a few weeks. I would expect final nego could be around $500M for Aeroplan.
If this happens, wouldn't be surprised to see a spcl dividend payment to shareholders on closing. It could be around $3.00 /share if fully provided . Now, share price could go down to $1.00 after div payment. This could represent actual market value for remaining assets.
https://www.valuewalk.com/2018/07/mittleman-investment-management-investment-commentary-2q18/