What is the criteria for a smaller-scale airline to be considered
attractive to investors,namely large-scale conglomerate/multi-national
airlines?

I am specifically interested in the Asia-Pacific airline industry.

I have searched from two perspectives--investment or acquisition.
As in, if I were a larger airline, what criteria would I use to
evaluate whether to 1)Gain majority ownership of OR 2)Conduct a
friendly acquisition of smaller airline?

The Criteria I need is from both a STRATEGIC angle (Does the criteria
fit the larger airline's objectives?) and a FINANCIAL (Does the
smaller airplane need to meet certain financial expectations in order
to be attractive? If so, what criteria?) perspective.

Please consider in specific which airlines in the Asia-Pacific region
are planning expansion to Greater China region.

Essentially, Airline X wants to sell its majority ownership share to
Airline Y, What criteria would Airline Y use to evaluate whether the
investment is attractive? Qualitative and Quantitative.

Please state full references. Thank you. 
URGENT!!!!!!!!!! I will tip generously!!!