Aeromexico offer rejected Aimia Rejects US$180 Million Aeromexico Offer to Acquire PLM Stake
Canada NewsWire
MONTREAL, July 26, 2018
MONTREAL, July 26, 2018 /CNW Telbec/ - Aimia Inc. (TSX: AIM), a data-driven marketing and loyalty analytics company, today confirms that it has received a non-binding offer (the "Offer") from Grupo Aeromexico S.A.B. de C.V. ("Aeromexico") to acquire for US$180 million Aimia's 48.855% stake in PLM Premier, S.A.P.I. de C.V. ("PLM"), the owner and operator of Aeromexico's Club Premier frequent flyer program. Aimia also announces that it has formally notified Aeromexico that the Offer has been rejected.
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. By way of reminder, PLM generated Adjusted EBITDA of US$77.4 million in 20171 and the current contract term between PLM and Aeromexico runs to 2030.
Notwithstanding the specific terms of any particular proposed transactions, Aimia believes that recent events have served to highlight the strength, quality and desirability of both Aimia's core business as well as its other assets and investments. Aimia remains focused on executing on its business plan and serving the interests of its shareholders, members, customers and other stakeholders.