Britain’s John Menzies said on Wednesday it will acquire a unit of Kuwait Aviation Services’ Agility Public Warehousing Company for 571 million pounds ($749 million).
And the British Airport Services Group indicated that shareholders will receive 608 pence in cash for each John Menzies share, an increase of about 81% from the share’s closing price on February 8, the day before the company received the takeover offer from Agility, according to “Archyde.com”. “.
Menzies will merge with National Aviation Services (NAS), a subsidiary of Agility, which already owns a 19% stake in Menzies.
The combined group is expected to become the world’s largest airport services company by number of countries served, and third globally by revenue.
The agreement follows three previous offers from the Kuwaiti company, which Menzies rejected.
Last February, Agility announced that its subsidiary, Agility Strategies Holding Ltd. Increased stake in John Menzies Corporation Specialized in airport services and listed on the London Stock Exchange, to 19%, according to the Kuwait News Agency (KUNA).
At the time, “Agility” stated in a disclosure to the Kuwait Stock Exchange that “Agility Strategies Holding Limited” had acquired 5.8% of the total issued shares, at a value of 13 million dinars (about 41.6 million dollars).