Aeromexico helps Aimia rally with bid for rewards plan stake

Aimia received its second offer in two days from carriers wanting to take control of their own airline rewards plans from the global operator of loyalty programs. The company Thursday rejected an $180m bid from Grupo Aeromexico for a minority stake in the PLM Premier rewards plan operator, saying the offer is too low. The offer followed a proposal from Air Canada Wednesday to take back ownership of its Aeroplan program. The rapid succession of offers piles more pressure on Aimia to restructure its business amid investors’ calls for change, including new management and asset sales. Last year the company’s stock plunged 58% after Air Canada announced in May that it would break off its relationship with Aimia to run its own rewards program. In March, Aimia reached a settlement with U.S. activist investment firm Mittleman Brothers to have three new directors nominated to the company’s board. In April, CEO David Johnston agreed to step down, replaced by Jeremy Rabe, an industry veteran with a long history running loyalty programs.<br/>