Air Canada is trying to take its frequent-flyer program back to the future. The airline is teaming up with Visa and two Canadian banks on a C$250m cash offer for Aimia’s Aeroplan rewards program. If accepted -- and Aimia surged the most on record on the news -- the deal would return the loyalty plan to Air Canada, which spun it off in 2005. Aimia said it will consider the proposal, which came after private talks between the Montreal-based company and its potential buyers. Aimia’s board formed a special committee "some time ago" and had engaged legal and financial advisers in connections with the talks. The surprise bid marks a shift in strategy for Canada’s biggest airline, which had announced plans last year to cut ties with Aeroplan and begin its own rewards program in 2020. Taking control of Aimia’s system would enable Aeroplan members to transfer their points to Air Canada’s program, eliminating the risk for the carrier that frequent flyers would stick with the old plan over the new one. The transaction “would effectively eliminate a competitor in the loyalty space,” said Cam Doerksen, an analyst at National Bank Financial. “We are frankly somewhat surprised by this proposal as Air Canada had shown little interest in acquiring Aeroplan from Aimia previously."<br/>