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Insider UK
Insider UK
National
Peter A Walker

THE TRUTH ABOUT: John menzies rejects takeover bid - The Untold Story

Menzies John Menzies

The board of John Menzies has received a "preliminary and unsolicited proposal" from National Aviation Services (NAS) Holding to acquire the entire share capital of the company at a price of 510 pence per share in cash, or around £468m.

The proposal follows an earlier unsolicited approach from NAS regarding a possible all cash offer at 460 pence per Menzies share. Menzies shares closed last night at 334p, valuing the company at £308m.

A statement explained that while the board has "carefully considered" the proposal with its financial advisers Goldman Sachs, it was unanimously rejected, as the terms "fundamentally undervalue" Menzies and its future prospects.

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