I think they are trying to buy it cheap. Private equity funds see a lot of potential for growth in this sector.

This is a dispute that should never have happened. This is an irrational one. These pilots are the best paid in the country. Air Canada had offered them a 4.5 percent salary increase per year in a context where inflation stands 1.5 percent lower.

The price is quite rich. This is an all-cash offer, 100 percent of the stock, very few conditions and then the board has unanimously approved it.

The beauty of the airline business is that it is self-regulating. If you charge too much, people don't fly.

I think airlines are going to find other ways of compensating for higher fuel prices, by either eating costs themselves or reducing other expenses.

I just don't see how his offer creates value for shareholders, so the board is right in refusing. His bid doesn't have a premium to the market, so it may be difficult for it to succeed.