Airport services firm John Menzies blasts rival as it doubles down to snub ‘opportunistic’ £469m bid
John Menzies called a £469million takeover bid ‘opportunistic’ as it doubled down on snubbing the deal.
Shares in the Edinburgh firm, which provides airport fuelling, ground handling and lounge and maintenance services, surged more than a third last week after it received a 510p a share bid proposal from rival National Aviation Services (NAS).
The bidder serves emerging markets, with headquarters in Kuwait, and is part of the wider Agility Public Warehousing Co.
Take off: Shares in John Menzies surged more than a third last week after it received a 510p a share bid proposal from rival National Aviation Services
But John Menzies threw it out, months after a 460p a share move by NAS was also rebuffed.
NAS chief executive Hassan El-Houry said Menzies did not engage properly and he would speak to shareholders directly.
Menzies yesterday said: ‘The board has unanimously rejected the NAS proposal, having concluded that it is opportunistic, conditional and that the terms fundamentally undervalue Menzies and its future prospects.’
It said it believes its strategy will ‘create significant value for shareholders in the near and medium term’. Shares in Menzies rose 2.6 per cent, or 12p, to 477p.