NAS goes on shopping spree and acquires an additional stake in Menzies
Kuwait-based firm seems to have gone on a shopping spree today, as it announced its parent company Agility had acquired an additional stake in aviation services giant Menzies.
The company said it had entered contracts to buy a further 5.3 million ordinary shares, around 5.8 per cent of Menzies’s issued capital at a price of 605p per share.
The announcement comes a day after NAS acquired a 13.2 per cent stake in the Edinburgh-based firm, becoming the majority stakeholder.
According to NAS, whose two initial takeover proposals were shot down,605p per share would represent a 109 and 81 per cent increase to the firm’s closing prices on 2 and 8 February, CityAM reported.
“The acquisition of this significant stake demonstrates our seriousness and belief that a combination of Menzies and NAS offers a compelling opportunity to all stakeholders,” said NAS’s chief executive Hassan El-Houry.
“If we were to make an offer at 605 pence per share, it would represent a premium of 109 per cent to Menzies’ share price just over two weeks ago.
“Once again we urge the Menzies board to engage with us so that we can put our compelling and deliverable offer to shareholders and secure Menzies’ future in a highly uncertain environment.”