UK airport ground-handling specialist John Menzies Plc has accepted a $750 million (£571 million) takeover bid from Kuwaiti suitor Agility Public Warehousing Co.
The deal went through after it had been sweetened for a third time, Bloomberg reported, stating that the bidding had started with an approach at 460 pence a share.
The Menzies board has backed the offer of 608 pence a share in cash after Agility subsidiary GIL International issued a formal proposal, the companies confirmed in a statement.
Menzies stock was priced just below 500 pence in early 2020, before the Covid-19 pandemic dealt a blow to aviation and demand for support services.
The Edinburgh-based firm said previously that it was confident in the outlook for the industry and that its current strategy would help raise the stock price.
Agility, which said the deal is valued at $1 billion (£763 million) including debt, plans to combine Menzies with its National Aviation Services arm to make a larger group.
Menzies provides ground handling, fueling, and cargo services at more than 200 locations in approximately 40 countries.
NAS has a presence at in excess of 55 airports across the Middle East, Africa, and South Asia.
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