(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 air services 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, made via Agility subsidiary National Aviation Services, was up from 460p, 510p and 605p previously. Menzies said Agility has confirmed that the offer is final and won't be raised. It values all of Menzies at GBP558.8 million
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 0.9% to 588.00p early Monday. The stock has nearly doubled in price in the past three weeks, quoted at 282.00p on February 4.
By Tom Waite; thomaslwaite@alliancenews.com
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