AIM stock rises on unwelcome takeover bid

The good news is that someone wants to own the stock at a higher price. The bad news is that you are suing the company in question.

Shares of Aimia (Aimia Stock Quote, Chart, News, Analysts, Financials TSX:AIM) are up today as the company announced that it had received a notice from Mithaq Capital SPC that the latter intended to proceed with an offer to acquire the former.

Aimia, noting that the trial against Mithaq will begin on January 8, said it will conduct its own due diligence with regards to the offer and that its board will soon provide shareholders with a recommendation.

“It is the board’s duty to evaluate all bona fide takeover bids,” said interim chair Karen Basian. “Shareholders can rest assured that we take this duty seriously and will rigorously evaluate the proposed offer once it is received, and make a recommendation consistent with our mandate to consider all reasonable stakeholder interests and maximize value.”

Montreal-based Aimia may be better know to investors as the former Group Aeroplan. After changing its name in 2011, the company moved on to the business of investing in other companies, public and private.

At press time, shares of Aimia were up 12.1 per cent to $3.44.