RE:RE:RE:RE:If Amia is serious about going alone... cigarbutt, AC's proposal was to purchase the Aeroplan business, not Aimia. Aeroplan is a separate legal entity. Thus, AC would own all points liabilities (i.e. the deferred revenue). There would probably also be an adjustment for any working capital balance above or below a certain value (e.g. zero). That is why AC stated that the value of their offer was 2.25 billion - 250 million in cash plus 2 billion of points liability. It is unclear if AC performed any net present value calculation on the gross points liability. My bet is that they did not; otherwise they should have mentioned the discount factor and the drawdown rate by year.
All the cash and investments would belong to Aimia - they are in all likelihood held by the corporate entity, not the Aeroplan subsidiary. AC would get the loyalty contract, Aeroplan employees, systems, office furniture and leasing contracts. As I have mentioned before, it was an offer to buy Aerplan for free. Aeroplan will generate in excess of $250 million in cash flow between the start of Q4, 2017 and July 2020.
And that's all I will have to say about the lowball offer. It was a charade and it will not be accepted by the current board.