Aimia board recommends shareholders reject takeover offer from Mithaq Capital
By The Canadian Press on October 20, 2023.
TORONTO – The board of directors of Aimia Inc. is recommending shareholders reject a takeover offer from Mithaq Capital SPC because it says it undervalues the company and is not compelling. The board says the hostile offer does not reflect some of the potential growth opportunities that the company is pursuing and cautioned it contains some 20 conditions that must be satisfied or waived. Mithaq, a segregated portfolio company and affiliate of Mithaq Holding Co., a family office based in Saudi Arabia, is the largest shareholder in Aimia. It has offered $3.66 per share in cash for the stake in Aimia it does not already own. Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as an investment holding company, announced a deal last week to raise up to $32.5 million in a private placement of shares and warrants. It says that its directors and officers, as well as the investors in the private placement, intend to reject the Mithaq offer. This report by The Canadian Press was first published Oct. 20, 2023. Companies in this story: (TSX:AIM) 9-8
