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Air Canada, TD Bank, CIBC, Visa Canada propose to buy Aimia's rewards program

Air Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Visa Canada Corp., have made a proposal to Aimia Inc. to acquire its Aeroplan loyalty business for a total purchase price of about C$2.25 billion.

The purchase price represents C$250 million in cash and the assumption of about C$2 billion of Aeroplan points liability at March 31.

The proposal indicates an approximate market equivalent value of C$3.64 for each common share of Aimia, a 52.3% premium to the 30-day volume weighted average price and a 45.6% premium to spot closing price as of July 24.

The market equivalent value consists of the Aeroplan loyalty business proposal value of C$1.64 per common share of Aimia plus non-Aeroplan loyalty program net assets valued at C$2.00 per common share, based on fair market value estimates contained in Mittleman Investment Management's first-quarter investor letter.

The proposal has an expiry date of Aug. 2.

The proposed transaction, if completed, would allow for a smooth transition of Aeroplan members' points to Air Canada's new loyalty program launching in 2020.