(Adds shares, background)
Feb 9 (Reuters) - British airport services group John
Menzies on Wednesday turned down a roughly 469 million
pound ($636 million) takeover proposal from a unit of
Kuwait-based Agility Public Warehousing Co, saying it
undervalued the company.
Shares in the London-listed firm climbed 41% to levels not
seen since January 2020. They were trading at 466 pence by 0850
GMT, below the rebuffed 510 pence per-share proposal from
National Aviation Services (NAS), which offers airport services
in emerging markets.
The proposal represents a hefty premium of about 52% to John
Menzies' closing price on Tuesday.
John Menzies, among the biggest providers of fuelling,
ground handling and maintenance services operating in around 37
countries globally, had suffered heavy losses in 2020 but has
since recovered ground on cost controls and restructurings.
"The proposal is highly opportunistic and comes at a time
when the full impact of management actions is not yet reflected
in Menzies valuation and underlying volumes have yet to return
to pre-pandemic levels," John Menzies said in a statement.
The aviation industry is still recovering from the pandemic
hit to air travel.
The over-188-year-old Edinburgh-based company, whose board
unanimously rejected the approach, said the proposal followed a
previous possible all-cash offer of 460 pence a share from NAS.
NAS and Agility did not immediately respond to a request for
comment.
Goldman Sachs was financial adviser to John Menzies.
($1 = 0.7380 pounds)
(Reporting by Yadarisa Shabong in Bengaluru
Editing by Subhranshu Sahu and Peter Graff)