AIM has a market cap of $507M based on today's closing price.
Based on limited information I can find, Air Canada initially spun off 12.5% in an IPO for $250M in 2005, sold some stocks for $357M in April 2008, and sold the remaining shares for $434M in 2008.
I'm not sure if that's all the sales, but my point is, they sold their interest in the company over the years for far more than they would need to pay to buy it out at today's price.
Good point indeed.
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