Feb 21, 2022
U.K.’s Menzies Prepared to Accept Latest Kuwaiti Approach
Bloomberg News
,![ESSEX, ENGLAND - SEPTEMBER 27: A Menzies Distribution HGV (Heavy Goods Vehicle) lorry delivering parcels drives along the A130 on September 27, 2021 in Essex, England. A shortage of lorry drivers in the UK has affected a broad range of supply chains. UK companies are currently struggling with a nationwide shortage of HGV (Heavy Goods Vehicles) drivers, According to the Road Haulage Association (RHA) there are an estimated 100,000 vacancies across the sector. (Photo by John Keeble/Getty Images), Photographer: John Keeble/Getty Images Europe ESSEX, ENGLAND - SEPTEMBER 27: A Menzies Distribution HGV (Heavy Goods Vehicle) lorry delivering parcels drives along the A130 on September 27, 2021 in Essex, England. A shortage of lorry drivers in the UK has affected a broad range of supply chains. UK companies are currently struggling with a nationwide shortage of HGV (Heavy Goods Vehicles) drivers, According to the Road Haulage Association (RHA) there are an estimated 100,000 vacancies across the sector. (Photo by John Keeble/Getty Images)](/polopoly_fs/1.1726408.1645431040!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/essex-england-september-27-a-menzies-distribution-hgv-heavy-goods-vehicle-lorry-delivering-parcels-drives-along-the-a130-on-september-27-2021-in-essex-england-a-shortage-of-lorry-drivers-in-the-uk-has-affected-a-broad-range-of-supply-chains-uk-companies-are-currently-struggling-with-a-nationwide-shortage-of-hgv-heavy-goods-vehicles-drivers-according-to-the-road-haulage-association-rha-there-are-an-estimated-100-000-vacancies-across-the-sector-photo-by-john-keeble-getty-images.jpg)
(Bloomberg) -- U.K. airport ground-handling specialist John Menzies Plc said it’s ready to accept a 560 million-pound ($763 million) takeover approach after its Kuwaiti suitor sweetened the proposal for a third time.
Agility Public Warehousing Co. is now offering 608 pence a share in cash for the U.K. firm after opening bidding at 460 pence, Menzies said in a statement Monday. There’s no certainty a formal approach will be forthcoming.
Menzies’ board voted unanimously to recommend the financial terms of the bid to shareholders provided other terms are agreed following further discussions. Agility’s National Aviation Services arm, which made the approach, has until March 9 to make a formal offer, though the deadline could be extended.
Menzies stock was trading just below 500 pence in early 2020, before the coronavirus pandemic dealt a blow to aviation and demand for support services. The company had said it was confident in the outlook for the industry and that its current strategy would help raise the stock price.
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