The largest shareholder of Aimia Inc. has made a bid to take the company private in a deal that values the company at about $308 million, saying it has become disillusioned and frustrated by the actions of the company's board and management team. An AIMIA logo is shown at the company's annual general meeting in Montreal, Friday, May 4, 2012. THE CANADIAN PRESS/Graham Hughes
TORONTO – The largest shareholder of Aimia Inc. says it has become disillusioned and frustrated by the company’s board and management team, so it plans to make a bid to take Aimia private in a deal that values the company at about $308 million.
Under the proposal, Mithaq Canada Inc., a wholly-owned subsidiary of Mithaq Capital SPC, says it will offer $3.66 per share in cash for the stake in Aimia it does not already own.
Aimia shares closed up two cents at US$3.07 on the Toronto Stock Exchange on Tuesday.
Mithaq is a segregated portfolio company and affiliate of Mithaq Holding Co., a family office based in Saudi Arabia.
It says it already owns or exercises control or direction over a 30.96 per cent stake in Aimia.
The company voted against the re-election of the company’s board of directors at its annual meeting earlier this year.
This report by The Canadian Press was first published Oct. 4, 2023.
Companies in this story: (TSX:AIM)
Note to readers: This is a corrected story. An earlier version stated an offer had been made.
