John Menzies has approved a takeover proposal from Agility subsidiary National Aviation Services (NAS) Holding following its rejection of earlier offers.
he board of Menzies has received a further revised “final” proposal from Agility subsidiary NAS regarding a possible all cash offer for Menzies of 608 pence per share.
The deal has been valued at around £550m.
This follows earlier approaches from NAS to the board regarding possible all cash offers for Menzies at 460 pence, 510 pence and 605 pence per Menzies share.
Menzies stated: “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 of the Final Proposal 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 board of Menzies is now in talks with NAS regarding the terms and will be providing NAS with access to management and due diligence information.
NAS reserves the right to increase the amount of the offer price if there is subsequently a firm offer for Menzies by a third party.
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