Mithaq lets Aimia takeover offer expire after not enough shares tendered

Mithaq Capital SPC says it's dropping its hostile takeover offer for Aimia Inc. after not enough shares were tendered before the bid expired on Thursday.

As a result, no shares were acquired under the proposal and any shares that had been deposited under the bid will be returned, the company says.

However, Mithaq says it still has concerns with the strategic direction of the company and is evaluating all options available to it in connection with Aimia's upcoming annual meeting of shareholders.

Mithaq, a segregated portfolio company and affiliate of Mithaq Holding Co., a family office based in Saudi Arabia, is Aimia's largest shareholder with a 28 per cent stake in the company.