Aimia Inc. is in talks with the Oneworld airline alliance as the Aeroplan frequent-flyer program operator bolsters its attempt to go it alone in the face of an unsolicited bid from Air Canada.

Aimia is in discussions with the alliance, whose members include American Airlines, British Airways and Cathay Pacific, about making it a “potential preferred airline partner for the Aeroplan program,” spokeswoman Tammy Smitham said in an email. The talks were first reported by the Globe and Mail.

Thursday is the deadline for Aimia to respond to the proposal from Air Canada. The airline partnered with Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Visa Inc. to offer C$250 million ($192 million) for Aimia’s Aeroplan rewards program, and to assume C$2 billion in liabilities in Aeroplan points. Air Canada, which spun off Aeroplan in 2005, is still one of its main customers but said last year that it would sever ties in 2020 and launch its own rewards plan.

Aimia’s shares tumbled 72 percent over the 14 months between Air Canada cutting ties and the announcement that the airline wants to re-acquire the loyalty program. They’ve rebounded 39 percent since then.

“While we fully expect Aimia to try to negotiate a more favorable price, as a smooth transition (back to AC) would benefit most parties, we see significant risk for Aimia in walking away from the table while retaining C$2 billion-plus in liabilities,” Industrial Alliance Securities analyst Neil Linsdell said in a note published Wednesday.

Before Air Canada’s offer, Aimia said it would introduce a points transfer program that would allow members to use their points on any major airline beginning in July 2020. It also said it would offer standalone charter flights on key routes.

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Photo Credit: Aimia, which owns Aeroplan, is exploring a partnership with Oneworld. It could mean consumers who hold what are today Air Canada points would use them on Oneworld airlines, including SriLankan, after 2020. SriLankan Airlines