SCOTTISH airport sevices firm John Menzies looks set to accept an enhanced takeover offer from Kuwaiti-based National Aviation Services.
The Edinburch-based company told the City that its board has received a further revised proposal from NAS, which is a subsidiary of Agility, on a possible all-cash offer of 608p-per-share.
The final proposal follows earlier approaches from NAS, which has over 6,000 staff and operates in 55 airports across the Middle East, Africa and South Asia, to the Menzies board on possible offers for Menzies at 460p, 510p and 605p.
Menzies said: "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 of the final proposal 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.
"Accordingly, the board is in discussions with NAS in relation to these terms and will be providing NAS with access to management and due diligence information."
Shares in Menzies, which began its business in 1833 as a bookseller and has 27,000 staff operating in 200 airports, were up 4p at 587p in early trading.
Scots baking business reveals how it rises to the challenge
SCOTLAND’S top entrepreneurs have paid tribute to one of Scotland’s most successful family businesses.
McGhee’s bakers started out from their first bake house in Maryhill in Glasgow, in 1936 and have gone on to become a national institution. Speaking on the Go Radio Business Show with Hunter & Haughey, production director Ian McGhee revealed his company’s recipe for success to Sir Tom Hunter and Lord Willie Haughey.
What time can teach you about being the best in your business
QUIZZED by a listener to their Go Radio Business Show, Sir Tom Hunter and Lord Willie Haughey have spoken candidly about their own experiences of setting up in business – and what they wish they’d known when they were first starting out.
Sir Tom said: “I wish I knew it was going to be all right because when you start a business from nothing – and hopefully the listeners will get inspiration from this –you just don’t know day to day whether it is going to be all right. That insecurity is what drives you."
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