Kuwait-listed Agility has confirmed today that the reported $636 million takeover proposal made by its subsidiary, National Aviation Services (NAS), to John Menzies has been rejected.

In a statement to Boursa Kuwait today, the company confirmed NAS had submitted an offer to Edinburgh-based airport services group, but it had been rejected on the basis that it undervalues the company.

The offer, of £469 million ($636 million), or 510 pence per share, was unanimously rejected by the board of John Menzies, according to Reuters reports.

The company has until March 9 to make a revised offer, the Boursa Kuwait statement concluded.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com

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