The board of directors of Scotland-based Menzies plc has agreed to recommend a final bid price of 608 pence (£6.05)/share from Kuwait-based Agility and National Aviation Services.
The final proposal follows earlier approaches from NAS to the board regarding possible all-cash offers for Menzies at 460 pence (£4.60), 510 pence (£5.10) and 605 pence (£6.05) per share, according to an official statement from Menzies.
"The board has considered the final proposal and indicated to NAS that it would be willing unanimously to recommend an offer at the financial terms to Menzies shareholders, subject to the satisfactory resolution of all the other terms of the offer, including the approach to the customary regulatory approvals required to complete any transaction," the statement added.
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