On October 3, 2023, Mithaq Canada Inc., a subsidiary of Mithaq Capital SPC and major shareholder of Aimia Inc., announced its plan for an all-cash takeover bid to acquire Aimia's outstanding common shares not already held by Mithaq or its affiliates. The offer, at $3.66 per share, represented about 20% to 23% premium over recent TSX trading prices. Aimed at providing liquidity and certainty of value, the proposal offered a 100% cash consideration, free from financing conditions, using funds from committed financing facilities.

This move came amid Mithaq's dissatisfaction with Aimia's current management and strategy, including poor performance, misaligned investment strategies, and ineffective executive compensation. Mithaq warned that Aimia's share price might decline if the offer was not accepted.

At Aimia's last annual meeting, no director received more than 52.41% of votes in favor of re-election, indicating shareholder discontent. Mithaq, controlling about 30.96% of Aimia's shares, expressed frustration with Aimia's board and management, accusing them of self-serving actions and ignoring Mithaq's feedback.

Doubting Aimia's board and management's ability to act in shareholders' best interests, Mithaq considered the takeover bid as its last resort. Mithaq communicated its intentions to Aimia's board and CEO, requesting access to non-public information and senior management for due diligence, and showing willingness for a friendly transaction.