UK's John Menzies soars after Kuwaiti suitor NAS becomes top shareholder | Reuters
Kuwait-based National Aviation Services (NAS) has bought a 13.2% stake in John Menzies (MNZS.L) for 73.4 million pounds ($100 million), bolstering shares of the British airport services group as investors bet on a sweetened takeover offer.
Menzies last week rejected a roughly 469 million pound takeover proposal from NAS, which it said undervalued the company. But NAS called its offer "full and fair" and sought talks with the British firm's shareholders. read more [nL4N2UP1Q1]
Menzies, whose stock has jumped about 80% since NAS' first offer was disclosed last week, said on Thursday it had not received another bid from NAS. Its shares closed the day nearly 25% higher at 584 pence, and were largely unchanged on Friday.
NAS said on Thursday its affiliate Agility Strategies bought about 12.1 million shares in Menzies, making it the company's biggest shareholder. It paid 605 pence each - compared with its previous bid of 510 pence apiece.
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