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Here are the top reads on deals and financial services over the last 24 hours,

Hostile bid: A year after announcing plans to sever ties with Aeroplan, Air Canada is teaming up with three financial institutions to buy back the loyalty rewards program at a heavily discounted price. Early Wednesday Air Canada unveiled a hostile bid to acquire the rewards program from its parent company Aimia Inc., alongside partners Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Visa Canada Corp. Story (Tim Kiladze)

Opinion: Shareholders in loyalty program operator Aimia Inc. have every reason to be furious with Calin Rovinescu. The rest of us should be thrilled with the Air Canada CEO’s hardball tactics. Story (Andrew Willis, for subscribers)

MORE DEALS NEWS

Media sector: Sinclair Broadcast Group Inc and Tribune Media Co shares rose on Wednesday after U.S. President Donald Trump criticized the Federal Communications Commision for deferring a decision last week on their proposed $3.9 billion tie-up. Story

IN CASE YOU MISSED IT

Regulation: Two of Nova Scotia’s most notorious white-collar criminals were sentenced to prison Wednesday after the longest criminal trial in the province’s history, a complex fraud and conspiracy case involving a blockbuster multimillion-dollar stock market manipulation scheme. Story

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