Current price: C$3.87
Tender Price: C$4.25
Expiration Date: 30th Dec 2019
As with recently posted HCG.TO, highlighting this case mostly for Canadian members – large withholding taxes make the situation unattractive for non-residents. For more details on Aimia situation and background to the current offer please refer to active thread here.
As part of the settlement with activists, Aimia has launched tender to buy 13.5% of outstanding common shares at C$4.25 (and simultaneous tenders for preferred shares). Odd lot holders with 99 shares or less will not be prorated. Mittleman with 23% ownership will not participate in the tender. AIM currently trades at 10% spread to the tender price due to expected over-subscription as well as taxation issues (dividend treatment vs return of capital):
A Non-Canadian Resident Common Shareholder who sells Common Shares to Aimia pursuant to the Offer will be deemed to receive a dividend equal to the excess of the amount paid by Aimia for the Common Shares over their paid-up capital for Canadian income tax purposes. Aimia estimates that the paid-up capital per Common Share on the date hereof is approximately $0.01