Aimia proposes revised offer of C$450 million for Aeroplan loyalty business
MONTREAL (Reuters) - Aimia on Thursday said it rebuffed an offer by Air Canada and partners to buy its Aeroplan loyalty program and urged the carrier to make a higher offer for the business. The consortium's cash offer of C$250 million, later updated to C$325 million, did not reflect the value of the Aeroplan business, Aimia Inc said in a statement.
In a separate statement, Air Canada, the country's largest carrier, said Aimia rejected its original bid.
Aimia said it proposed a revised offer of $450 million for the program to Air Canada <AC.TO> and its partners, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce <CM.TO> and VISA Canada Corp.