The Globe and Mail reports in its Saturday edition that Aimia's largest shareholder has abandoned its hostile attempt to acquire the former loyalty plan provider, now an investment holding company. The Globe's Jameson Berkown writes that the shareholder, Mithaq Capital SPC, said in a statement Friday that it would not extend its $308-million cash offer, which expired Thursday. Mithaq, a private investment company for one of the wealthiest non-royal families in Saudi Arabia, blamed its decision on "entrenchment and unwillingness to constructively engage" on the part of Aimia's board. Mithaq first squared off against Aimia a year ago, opposing the re-election of the company's entire board ahead of its April, 2023, annual meeting. Former chair David Rosenkrantz failed to win majority shareholder support, and none of the other incumbent directors received more than 52.41-per-cent support. Mithaq said it "has obtained evidence that Aimia's then leadership inappropriately influenced the voting of proxies submitted in connection with the 2023 AGM." Mithaq refused to elaborate saying, however, "Had this conduct not occurred, Mithaq believes that none of the Aimia management nominees would have been elected at the 2023 AGM."