Private company looking to buy Discovery Air

A Toronto-based investment company is looking to buy Discovery Air, the aviation company that owns Air Tindi and Great Slave Helicopters in Yellowknife.

Clairvest, along with unnamed 'other parties', made its bid public yesterday. It already owns 86 per cent of Discovery and wants to purchase the remaining 11 million shares. Clairvest is offering to buy the outstanding shares for 20 cents each.

It's been a rough couple years for Discovery. The company's share price collapsed from $4 dollars in 2012 to less than 20 cents this year. However, this week, its shares doubled in value and are now trading at around 40 cents.

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FROM 2012 | Discovery Air to lay off some Yellowknife employees

In a news release, Clairvest says the group is in discussions with a special committee of the board of directors of Discovery Air. Clairvest co-CEO, Ken Rotman, is also the chair of the board at Discovery.

Discovery Air declined to comment on the bid.