Fascinating line: "If completed, the Proposed Transaction would result in a positive outcome for Aimia shareholders and Aeroplan members, allowing for a smooth transition of Aeroplan members' points to Air Canada's new loyalty program launching in 2020, safeguarding their points and providing convenience and value for millions of Canadians."
So it doesn't sound like they necessarily want to operate the program, and certainly don't want to use it as the primary AC rewards program, just enable a smoother transition. Huh.