If AC bids and pushes up the price, such has the effect of weakening a potential non-AC acquisitor. So basically its in AC's best interest to put a bid pretty no matter what happens.
A cursory look at the financials shows ~$600M of book value of the company, and a current market cap of ~$320M. So there's definitely value there . The aircraft, minus the end of life A310's, basically integrate cleanly into their fleet (the 737-800s could even survive pending AC's determination of the 737Max outcome).