Insider - Peter A Walker
Kuwaiti group argues that post-pandemic state of the industry favours the scale created by a merger
National Aviation Services (NAS) has claimed that its proposed acquisition of John Menzies could protect the company from post-pandemic shifts in the industry.
The Edinburgh-headquartered aviation services firm's board yesterday rejected the 'unsolicited and highly opportunistic' offer which valued it at around £468m.
The proposed 510 pence per share offer represents a 76% premium on the closing price on 2 February. Kuwait-based NAS made its first offer of 460p per share on 17 January.
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”.
