NAS: Menzies takeover offer ‘compelling’
10 / 02 / 2022
National Aviation Services (NAS) has hit back at John Menzies’ rejection of its takeover bid, describing its offer as compelling.
The Agility subsidiary today said that its offer of £5.10 per share was 76% higher than Menzies share price at the close of business of February 2 and 68% above the 30-day volume weighted average share price of £3.04 for the period ended February 2.
Menzies, which provides airfreight wholesale through Air Menzies International and ground handling through Menzies Aviation, yesterday described the offer as opportunistic and that the terms fundamentally undervalued Menzies and its future prospects.
It reasoned that the company was in the process of recovering after the pandemic and the offer did not reflect its future prospects.
In response, NAS chief executive Hassan El-Houry said: “In our view, the fundamentals of Menzies and of the industry as a whole are unlikely to change substantially, notwithstanding cost-cutting measures by Menzies. Let’s be clear: even as air travel recovers, airlines will look to contain costs with their airport service providers.
“NAS is a disciplined investor with a proven track record of growth, even throughout the COVID-19 pandemic that has largely decimated the industry. We are one of the fastest growing and most successful airport services companies in emerging markets, with an experienced leadership team.”
NAS added that the two companies share “highly complementary” geographical footprints and product portfolios, with minimal overlap.
