Marketing and loyalty analytics company Aimia has rejected a non-binding $180m offer from Mexican airline operator Grupo Aeromexico to acquire its 48.855% stake in PLM Premier.

This includes dividends and marketing fees paid to Aimia since its investment, and represents an annualised rate of return of about 18% for the company.

PLM Premier is the owner and operator of Aeromexico’s Club Premier’s frequent flyer programme.

Aimia said in a statement: “The company has promptly rejected the offer as it believes that its stake in PLM is worth significantly more than the offer price, which reflected no improvement whatsoever to the terms previously proposed by Aeromexico to Aimia in prior discussions between the parties.”

“The company has promptly rejected the offer as it believes that its stake in PLM is worth significantly more than the offer price.”

Last year, PLM generated adjusted EBITDA of $77.4m and the current contract term between PLM and Aeromexico runs to 2030.

Aimia partners with groups and individual companies to help generate, collect and analyse customer data and build actionable insights.

The company’s business includes Aeroplan in Canada and Air Miles Middle East.

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If completed, the proposed transaction would result in a positive outcome for Aimia shareholders as it provides an opportunity to realise an immediate return on the disposal of an asset.

It would also provide material financial resources which Aimia can use to strengthen its core business and offer benefits to the company’s stakeholders.

Grupo Aeromexico subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programmes.

The company operates more than 600 daily flights and its main hub is in Terminal 2 at the Mexico City International Airport.