John Menzies dismisses £469m bid approach again

15th Feb 2022 08:05

(Sharecast News) - John Menzies has reiterated its rejection of a proposed £469m takeover offer after consulting its shareholders.

National Aviation Services, a subsidiary of Kuwait's Agility Public Warehousing, has proposed a 510p a share takeover of the airport services group.

John Menzies rejected NAS's approach on 9 February. On Tuesday the company repeated its statement that the proposed bid. undervalued the company, which has returned to profit after being hit by the Covid-19 crisis.

"The board of Menzies has engaged with its shareholders following its announcement of the NAS proposal on 9 February 2022," the company said. "The board of Menzies has unanimously rejected the NAS proposal, having concluded that it is opportunistic, conditional and that the terms fundamentally undervalue Menzies and its future prospects."

Shares of John Menzies rose 0.6% to 467.94 at 08:22 GMT. The shares have jumped from 335p since before NAS's approach was announced.

NAS has until 9 March to make a firm offer for the company.