UK's John Menzies rejects takeover approach from Kuwait firm | Reuters
British airport services group John Menzies (MNZS.L)on Wednesday turned down a roughly 469 million pound ($636 million) takeover proposal from a unit of Kuwait-based Agility Public Warehousing Co (AGLT.KW), saying it undervalued the company.
Shares in the London-listed firm climbed 41% to levels not seen since January 2020. They were trading at 466 pence by 0850 GMT, below the rebuffed 510 pence per-share proposal from National Aviation Services (NAS), which offers airport services in emerging markets.
The proposal represents a hefty premium of about 52% to John Menzies' closing price on Tuesday.
John Menzies, among the biggest providers of fuelling, ground handling and maintenance services operating in around 37 countries globally, had suffered heavy losses in 2020 but has since recovered ground on cost controls and restructurings.
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