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AIMIA'S BOARD OF DIRECTORS RECOMMENDS SHAREHOLDERS REJECT MITHAQ'S HOSTILE OFFER FOR THEIR COMPANY AND PROVIDES UPDATE ON PRIVATE PLACEMENT
AIMIA'S BOARD OF DIRECTORS RECOMMENDS SHAREHOLDERS REJECT MITHAQ'S HOSTILE OFFER FOR THEIR COMPAN...
About this update from Aimia Inc.
[{"type":"text","content":"\n \n \n \n AIMIA'S BOARD OF DIRECTORS RECOMMENDS SHAREHOLDERS REJECT MITHAQ'S HOSTILE OFFER FOR THEIR COMPANY AND PROVIDES UPDATE ON PRIVATE PLACEMENT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n SHAREHOLDERS ARE ADVISED TO NOT TENDER THEIR COMMON SHARES\n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 20, 2023\n \n \n /CNW/ - Aimia Inc. (TSX: AIM) (\"\n \n Aimia\n \n \" or the \"\n \n Company\n \n \") issued the following statement to inform shareholders that the Company has filed its Directors' Circular (the \"\n \n Circular\n \n \") in connection with the hostile take-over bid from Mithaq Capital SPC (\"\n \n Mithaq\n \n \") to acquire all of the issued and outstanding common shares of Aimia (the \"\n \n Hostile Offer\n \n \"). The Board, following receipt of the recommendation of a committee of independent directors (the \"\n \n Special Committee\n \n \"), unanimously recommend that Aimia's shareholders reject the Hostile Offer for their Company.\n \n \n The Board has arrived at this recommendation after careful deliberation and has done so after considering the following reasons:\n \n \n \n The Hostile Offer undervalues the Company and is not compelling:\n \n \n The Hostile Offer does not provide a change of control premium in line to the relative average M&A premium in\n \n Canada\n \n . The small, below-average premium, is even less compelling when it is considered in the context of the timing of the Hostile Offer, given that the Canadian S&P/TSX Composite Index is trading at its lowest year-to-date levels.\n \n \n \n The Hostile Offer is significantly below equity research analyst target prices:\n \n \n The Hostile Offer is significantly below the target common share price from the two independent analysts that cover Aimia and does not reflect some of the major potential growth opportunities that the Company is currently pursuing.\n \n \n \n The Hostile Offer contains extraordinary and unprecedented conditionality which calls into question the seriousness and legitimacy of the Host...