Insider - John Glover
It engaged with its shareholders following the announcement on February 9 to explain why it had rejected the takeover bid
The board of John Menzies has engaged with its shareholders after it 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 board engaged with its shareholders following the announcement on February 9, where it previously announced that it had unanimously rejected the NAS proposal.
It concluded that it is opportunistic, conditional and that the terms fundamentally undervalued Menzies and its future prospects.
However, NAS group chief executive Hassan El-Houry urged Menzies’ shareholders to back the offer, arguing that it represents a “compelling opportunity for shareholders to realise full value for their investment in cash”.