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(Alliance News) - John Menzies on Monday said it has agreed to a fourth and final takeover offer from its persistent Kuwaiti suitor.
The Edinburgh-based aviation services and cargo handling firm had rejected three previous offers from peer Agility Public Warehousing Co KSC, but on Monday the board said it was willing to unanimously recommend a new cash offer of 608 pence per share to Menzies shareholders.
The new offer is up from 460p, 510p and 605p previously. Menzies said Agility has confirmed that the offer is final and won't be raised.
The Menzies board had been fending off Agility since the beginning of this month, saying its proposals undervalued a business that is still in the process of recovering from the virus pandemic. It gave no reason on Monday for accepting the increased offer.
Menzies shares were up 1.5% to 591.75p early Monday. The stock has nearly doubled in price in the past three weeks, quoted at 282.00p on February 4. It has a market capitalisation of GBP535.8 million.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.6% at 7,557.84
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Hang Seng: down 0.7% at 24,153.15
Nikkei 225: closed down 0.8% at 26,910.87
S&P/ASX 200: closed up 0.2% at 7,233.60
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DJIA: closed down 232.85 points, 0.7% at 34,079.18
S&P 500: closed down 31.39 points, 0.7% at 4,348.87
Nasdaq Composite: down 168.65 points, 1.2% at 13,548.07
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EUR: up at USD1.1375 (USD1.1334)
GBP: up at USD1.3629 (USD1.3584)
USD: down at JPY114.93 (JPY115.11)
GOLD: down at USD1,891.95 per ounce (USD1,893.40)
OIL (Brent): firm at USD93.03 a barrel (USD92.85)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's key economic events still to come
US Presidents Day holiday. Financial markets closed.
0930 CET Germany flash purchasing managers' index
1000 CET EU flash PMI
0930 GMT UK CIPS-Markit flash manufacturing and services PMI
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UK Prime Minister Boris Johnson said his "living with Covid" plan will bring the country "towards a return to normality" as he intends to scrap the requirement to self-isolate in England. Johnson will meet with his Cabinet on Monday morning before updating members of Parliament in the afternoon on his blueprint for moving out of the pandemic. He said the proposal would be about "finally giving people back their freedom" after "one of the most difficult periods in our country's history". Johnson's announcement will come just over 24 hours after it was confirmed the Queen had tested positive for coronavirus. As announced on Saturday, the UK government is planning to scrap the legal duty for those who test positive for coronavirus to have to self-isolate by the end of the week. According to the Mail On Sunday, the requirement will be lifted by Thursday.
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Nearly 30,000 homes and businesses are without power after Storm Franklin hit the island of Ireland. It is the third storm to pass over the country in recent days, after Storm Dudley and Storm Eunice wreaked havoc. Status orange wind warnings issued for parts of the north and north-west have now expired, but Met Eireann has warned that people can expect high winds and strong gusts over the course of the morning. Met Eireann said gusts of more than 130kph were recorded in Co Galway and Co Donegal. ESB confirmed on Monday morning that just over 29,000 customers were without power in the wake of the storm.
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Britons have been warned to brace for strengthening winds and lashing rain as Storm Franklin moves in overnight. The Met Office has issued an amber warning for wind which could cause a "risk to life" in Northern Ireland until 7am, while a milder yellow wind warning covers England, Wales and south-western Scotland from midday until 1pm. Environment agencies have issued hundreds of alerts for flooding across the UK, including two rare "severe" warnings where rainfall could also pose a "danger to life" for communities along the River Mersey in Greater Manchester. This comes after huge waves were seen crashing onto coastal areas, homes were destroyed by strong winds, and emergency services deployed flood defences along swelling riverbanks on Sunday.
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BROKER RATING CHANGES
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RBC cuts Ashtead price target to 4,900 (6,250) pence - 'sector perform'
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Credit Suisse cuts NatWest price target to 300 (310) pence - 'overweight'
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Barclays cuts Entain price target to 2,050 (2,600) pence - 'overweight'
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COMPANIES - FTSE 100
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Brewer and distiller Diageo said its starting the third phase of its GBP4.5 billion capital return program. The third phase will be worth up to GBP1.7 billion, having complete GBP2.25 billion in returns in the first two phases. The third phase will be run by UBS and the bulk of the purchases will be completed by June 30.
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Veterinary products firm Dechra Pharmaceuticals said it delivered strong interim results amid increased consumer spending on pets during Covid-19 restrictions. For the six months that ended December 31, Dechra posted pretax profit of GBP53.4 million, up 51% from GBP35.4 million a year before. This was on revenue of GBP322.4 million, up 7.5% from GBP299.8 million. The Northwich, Cheshire-based firm declared an interim dividend of 12.00 pence, up 8.1% from 11.11p. Looking ahead, Dechra said trading at the start of the second half remains strong, especially in major markets which are returning to "historic levels" of growth. "Future prospects remain excellent as we strengthen the group's infrastructure, continue to outperform markets and identify and deliver new strategic growth opportunities," said Chief Executive Officer Ian Page.
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Safety equipment provider Halma said it has acquired Peabody, Massachusetts-based International Light Technologies for USD26.6 million on a cash and debt free basis, for its Ocean Insight unit. ILT is a developer of technical lighting sources and light measurement systems, which are used in biomedical, environmental, agricultural, food and beverage, and industrial applications. Chief Executive Officer Andrew Williams commented: "ILT's focus on the generation and measurement of light is highly aligned with Ocean Insight's mission to use the measurement of light to expand scientific discovery, reduce waste, and improve the quality of life. ILT's products and services will bring complementary capabilities and technologies to Ocean Insight, allowing it to serve a greater range of customer needs."
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COMPANIES - FTSE 250
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Hammerson confirmed a Sunday Times report that it is in talks over the possible sale of two of its shopping centres for GBP120 million, as the retail property company looks to strengthen its balance sheet after the Covid-pandemic. Hammerson confirmed that it is in discussions with entities related to Swiss property developer Redical Holdings AG on terms for a possible sale of its Victoria Gate and Victoria Quarter shopping centres, both in Leeds, England.
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Monday's shareholder meetings
Sivota PLC - GM re acquisition of Apester
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By Tom Waite; thomaslwaite@alliancenews.com
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