Originally Posted by The Lev

This is the biggest shareholder of preferred shares. As such he has a huge vested interest in getting Aimia to accept almost any offer. Preferred shares are kind of like debt - there is no "upside" beyond promised fixed dividends if the company enjoys very strong results - only downside if the company craters. As such he has no upside if Aimia gets AC and partners to raise their bid to say $400 million but does have downside if the deal is rejected and aeroplan 2.0 doesn't go as planned.

Common shareholders may take a more nuanced approach.