National Aviation Services Holding (NAS), a subsidiary of Agility Public Warehousing Co. K.S.C. (Agility), has made an "unsolicited" proposal to acquire the entire shareholding of John Menzies at 510 pence (£5.10) per share in cash.
The proposal follows an earlier unsolicited approach from NAS to the board regarding a possible all-cash offer at 460 pence (£4.60) per share, according to a statement from Menzies.
The stock zoomed over 42 percent to close at 478 pence (£4.78) after the announcement on the London Stock Exchange yesterday.
"The board has carefully considered the proposal together with its financial advisers, Goldman Sachs International, and has unanimously rejected it, having concluded that the proposal is entirely opportunistic, conditional and the terms fundamentally undervalued Menzies and its future prospects."
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