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John Menzies PLC - Edinburgh-based aviation services and cargo handling - Notes Agility Strategies Holding Ltd acquires further 5.3 million shares in company at 605 pence each, which represents 5.8% stake. Agility now holds 19.0% stake in John Menzies.
John Menzies on Tuesday repeated its rejection of a takeover approach from Agility Public Warehouse Co KSC, saying the terms "fundamentally undervalue Menzies and its future prospects".
National Aviation Services said Agility Strategies Holding Ltd, an entity under common control with and acting in concert with NAS, has agreed to buy 12.1 million shares in John Menzies, representing just over a 13% stake, at a price of 605p per share, on Thursday.
Consequently, any firm offer for John Menzies will be made at a price of not less than 605p per share, being more than double its closing price of 290p on February 2. This 605p marks a 19% premium to NAS's previous 510p approach.
Current stock price: 581.84 pence
12-month change: more than doubled from 215.50p
By Paul McGowan; paulmcgowan@alliancenews.com
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