The Globe and Mail reports in its Saturday edition that the Aimia board is recommending shareholders reject a takeover offer from Mithaq Capital SPC because it says it undervalues the company and is not compelling. A Canadian Press dispatch to The Globe quotes the board saying on Friday that the hostile offer does not reflect some of the potential growth opportunities that the company is pursuing and cautioned it contains 20 conditions that must be satisfied or waived. Mithaq, a segregated portfolio company and affiliate of Mithaq Holding Co., a family office based in Saudi Arabia, is the largest shareholder in Aimia. It has offered $3.66 per share in cash for the chunk of Aimia it does not already own. Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as an investment holding company, announced a deal last week to raise up to $32.5-million in a private placement of shares and warrants. Under the private placement, Aimia will issue up to 10.47 million shares plus up to 10.47 million warrants. Mithaq, which holds about a 31-per-cent stake in Aimia, has raised concerns about the financing deal, calling it dilutive, unnecessary and a means of entrenching the board.