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John Menzies PLC - Edinburgh-based aviation services and cargo handling - Repeats its rejection of the takeover approach from Agility Public Warehouse Co KSC, saying the terms "fundamentally undervalue Menzies and its future prospects". Agility on Monday had argued its latest cash proposal of 510 pence per John Menzies share would give "full and fair" value for shareholders.
The Kuwaiti logistics company had made the cash offer for the aviation services firm via its holding subsidiary, National Aviation Services Holding earlier this month. The offer, which Menzies has labelled as "entirely opportunistic", followed a 460p approach in January. The company said its "strong portfolio mix" will "create significant value for shareholders in the near and medium term".
Current stock price: 475.44 pence, up 2.2% on Tuesday
12-month change: doubled from 222.50p
By Tom Waite; thomaslwaite@alliancenews.com
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