Kuwait’s National Aviation Services said it had sweetened its takeover proposal for the UK airport services company John Menzies, valuing it at about £559m.
Edinburgh-based Menzies, which rejected earlier offers, said it has indicated to NAS that it would be willing to back the 608p-a-share bid, subject to certain other terms.
NAS confirmed its latest offer was final unless a rival bidder emerged. The company is a subsidiary of Kuwait’s Agility Public Warehousing and earlier proposed a 510p a share takeover of the airport services group.
John Menzies rejected NAS’s approach earlier this month, claiming the proposed bid undervalued the company, which has returned to profit after being hit by the Covid-19 crisis.
