Agility wins takeover bid, to buyout Menzies at £6.08/share
Final proposal follows earlier approaches at £4.60, £5.10 and £6.05 per share
The board of directors of Scotland-based Menzies plc has agreed to recommend a final bid price of 608 pence (£6.08)/share from Kuwait-based Agility and National Aviation Services.
The final proposal follows earlier approaches from NAS to the board regarding possible all-cash offers for Menzies at 460 pence (£4.60), 510 pence (£5.10) and 605 pence (£6.05) per share, according to an official statement from Menzies.
The deal, at the latest bid of 608 pence ((£6.08) per share, will value Menzies at £557 million ($757 million). The stock was trading almost flat today at £5.89.
"The board has considered the final proposal and indicated to NAS that it would be willing unanimously to recommend an offer at the financial terms to Menzies shareholders, subject to the satisfactory resolution of all the other terms of the offer, including the approach to the customary regulatory approvals required to complete any transaction," the statement added.
NAS has also confirmed to the board that the financial terms of the final proposal will not be increased, except that NAS reserves the right to increase the amount if there is an announcement on or after the date of this announcement of a firm offer for Menzies by a third party offeror, Menzies statement added.
"There can be no certainty that any offer will be made. This statement is being made by Menzies with the consent of NAS."
NAS is required to make an offer not later than March 9, 2022 for the Menzies stake.
Last week, Agility purchased 17.4 million shares representing approximately 19 percent of the issued share capital of Menzies at 605 pence (£6.05) per share.