(Toronto) Aimia’s largest shareholder says he is disillusioned and frustrated with the company’s board and management team, and is considering making an offer to acquire it and take it private through of a transaction that would value it at around 308 million.

Under the proposal, Mithaq Canada, a wholly-owned subsidiary of Mithaq Capital SPC, announced plans to offer $3.66 per share in cash for the stake in Aimia that it does not already own .

Aimia shares were up 33 cents, or 10.7%, to trade at $3.40 early Wednesday afternoon on the Toronto Stock Exchange.

Mithaq said he had attempted to engage in discussions with Aimia’s board of directors and management team.

“However, requests for engagement have, in some cases, been rejected and, where discussions have taken place, feedback provided by Mithaq has been largely ignored,” the company said in a statement.

Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as a holding company, said it would review the proposal when it receives a formal offer with its legal and financial advisors.

“Shareholders can be assured that we take this obligation seriously and will rigorously evaluate the proposed offer once received and make a recommendation consistent with our mandate to take into account all reasonable interests of stakeholders and maximize the value,” Aimia Interim President Karen Basian said in a statement.

Aimia noted that it is currently suing Mithaq for violations of the Securities Act and that its trial is scheduled to begin on January 8, 2024.

Mithaq is a separate holding company and subsidiary of Mithaq Holding Company, a Saudi Arabia-based family office.

It says it already owns or exercises control or direction over a 30.96% interest in Aimia.

The company voted against the re-election of Aimia’s board of directors at its annual meeting earlier this year.