The ground handler initially declined NAS’s offers of 460p per share and 510p per share as insufficient to the company’s worth.
But on Monday this week, (21 February), Menzies said it would unanimously recommend a deal to the Board if NAS confirmed its 608p-per-share bid.
“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,” Menzies said in a statement.
The statement added that NAS, a subsidiary of Agility Public Warehousing, could increase the amount of the offer price if there was a further announcement of an offer by a third party for Menzies.
NAS has been increasing its number of shares in John Menzies in recent weeks, now owning 19% of the company. It has until 9 March to make a firm offer while due diligence is carried out by both sides.
