Business
Mithaq Announces Expiry of Takeover Bid for Aimia; Shareholders Lose Opportunity to Receive a Significant Premium Because of Aimia Board's Entrenchment and Unwillingness to Constructively Engage
Mithaq Announces Expiry of Takeover Bid for Aimia; Shareholders Lose Opportunity to Receive a Sig...
About this update from Aimia Inc.
[{"type":"text","content":"\n \n \n \n Mithaq Announces Expiry of Takeover Bid for Aimia; Shareholders Lose Opportunity to Receive a Significant Premium Because of Aimia Board's Entrenchment and Unwillingness to Constructively Engage\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 16, 2024\n \n \n /CNW/ - Mithaq Capital SPC (\"\n \n Mithaq\n \n \"), the largest shareholder of Aimia Inc. (TSX: AIM) (\"\n \n Aimia\n \n \"), today announced the expiry of the premium all-cash offer made by its wholly-owned subsidiary, Mithaq Canada Inc. (the \"\n \n Offeror\n \n \"), to acquire all of the issued and outstanding common shares of Aimia (the \"\n \n Common Shares\n \n \") not already owned by the Offeror or its affiliates (the \"\n \n Offer\n \n \").\n \n \n The statutory minimum tender condition was not satisfied as of the Offer's expiry time (\n \n 11:59 p.m.\n \n (\n \n Vancouver\n \n time) on\n \n February 15, 2024\n \n ). In light of the Aimia Board's continuing unwillingness to constructively engage with Mithaq to maximize value for all shareholders, as well as its ongoing entrenching tactics and frivolous, wasteful litigation, as further described below, the Offeror determined not to further extend the Offer.\n \n \n As a result of the expiry of the Offer, no Common Shares were acquired pursuant to the Offer and the Offer is now terminated. Any Common Shares deposited under the Offer and not withdrawn will be returned to the holders thereof promptly and in accordance with the terms of the Offer and take-over bid circular and related offer documents (the \"\n \n Offer Documents\n \n \"). Copies of the Offer Documents are available under Aimia's profile on SEDAR+ at\n \n www.sedarplus.ca\n \n .\n \n \n There has been no change in Mithaq's concerns with the strategic direction of the company and Aimia's leadership has yet to engage in a productive manner with its largest shareholder. Mithaq, which has ownership of, or control or direction over, a total of 26,893,588 Common Shares, representing approximately 28.42% of the i...