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John Menzies PLC - Edinburgh-based aviation services and cargo handling - Suitor Agility Public Warehouse reiterates belief that 510 pence per share offer for John Menzies offers "full and fair" value for shareholders. The Kuwaiti logistics company made a cash offer for the aviation services firm via its holding subsidiary, National Aviation Services Holding, on February 2.
The offer, which Menzies has labelled as "entirely opportunistic", followed a 460p approach in January.
Agility on Monday says the 510p offer reflects the assumption that Menzies will see revenue recover to pre-virus levels by "early 2023". It also takes into account margin forecasts and the benefit of cost savings at the Main Market listed company, as well as government support received under Covid-19 schemes.
Agility adds: "As a successful strategic operator in the aviation services sector, NAS has a clear and detailed view on the challenges and opportunities present in the sector as it recovers from the pandemic and has framed its analysis on that basis.
"Menzies' board and management team have chosen not to engage with NAS or share any information to corroborate their differing views on the company and industry, and therefore valuation. NAS sees no reason to change its view on valuation and continues to view its improved possible cash offer of 510 pence per share as a full and fair price relative to the information Menzies has provided to the market on its current business and prospects."
Current stock price: 467.00 pence, down 3.1% on Monday
12-month change: doubled from 222.50p a year ago
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
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