With the clock ticking ahead of Thursday’s deadline for Aimia Inc. to decide on an Air Canada-led group offer to buy Aeroplan, everyone from analysts to shareholders are weighing in on whether the Montreal-based company should accept it.

The deal, valued at about $2.25 billion, from Air Canada, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank and Visa Canada Corp. consists of $250 million in cash, or $1.64 per share, and the assumption of $2 billion in Aeroplan points liability.

But, Aimia’s largest shareholder – Mittleman Brothers – says Aeroplan is worth four times more than what the Air Canada-led group is offering.

The major developments over the past week are the latest in a long history between Air Canada and its once in-house loyalty program. Below is a timeline on how relations between Aimia and Air Canada reached this point.

May 2005 – Air Canada spins off Aeroplan as a wholly-owned subsidiary and it starts trading on the Toronto Stock Exchange on June 23, 2005.

December 2007 – Aeroplan acquires LMG Insight & Communications, the operator of Nectar, a U.K. loyalty program for multiple retailers.

May 2008 – Air Canada sells its remaining stake in Aeroplan for $349 million. Aeroplan is no longer controlled by Air Canada.

October 2011 – Aeroplan is rebranded as Aimia Inc. and starts trading on the TSX under a new ticker symbol of AIM.

December 2013 – TD Bank becomes Aeroplan's primary financial partner, taking over about half of CIBC's Visa Aeroplan card portfolio.

May 2017 – Air Canada announces that it will not renew its partnership with Aeroplan and will start its own rewards plan in 2020. Aimia shares plunge 63 per cent on the day of Air Canada’s announcement.

April 2018 – Aimia announces that CEO David Johnston is stepping down.

May 2018 – Aimia appoints Jeremy Rabe as its new president and CEO after Johnston’s departure.

July 19, 2018 – Aimia announces plans to relaunch the Aeroplan program after its partnership with Air Canada ends in 2020 with charter flights and more airline partners.

July 25, 2018 – Air Canada, along with CIBC, TD Bank and Visa Canada, propose to acquire Aimia’s Aeroplan program in a deal valued at $2.25 billion. The group sets a prompt Aug. 2 deadline for a response to the offer.

July 27, 2018 – Air Canada CEO Calin Rovinescu says the airline would immediately restart talks with credit card partners to create its own loyalty program if Aimia fails to accept the offer by Thursday.