Aimia board recommends shareholders reject takeover offer from Mithaq Capital

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.