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Kuwait’s Agility said on Thursday that it will acquire more than 12 million shares in UK-based rival John Menzies PLC (Menzies) for 73.4 million pounds ($99.8 million).
The announcement came just days after the Edinburgh-based airport services company turned down the takeover bid from Agility’s National Aviation Services (NAS) on the basis that it undervalues the firm.
The new offer is 95 pence ($1.27) higher than the most recent bid made this week. The Kuwaiti firm had previously raised two proposals at 450p and 510p per share, which were both rejected.
In a disclosure to Boursa Kuwait on Thursday, Agility said that its wholly-owned subsidiary Agility Strategies Holding Limited will purchase up to 12.1 million ordinary shares from different sellers at a price of up to 605 pence or £6.05 per share.
The shares represent up to 13.2 percent of Menzies’ total ordinary shares in issue.
Menzies, which is listed on the London Stock Exchange (LSE), had earlier rejected an attempted takeover bid by Agility-owned NAS, saying it was “entirely opportunistic” and “conditional”, and that the “terms fundamentally undervalue Menzies and its future prospects.”
The firm had already increased its attempted takeover offer from 460 pence to 510 pence per share at the start of this week.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
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