Chief Executive, Hassan El-Houry of Kuwait-based National Aviation Services (NAS) has finally succeeded. After several unsuccessful attempts, his company, Kuwait-based National Aviation Services (NAS) today (21FEB22) reported that the Board of Edinburgh, Scotland-based John Menzies plc had accepted his company’s takeover bid at 608 pence a share. This was preceded by two unsuccessful takeover attempts, which Menzies had rejected on the grounds that the purchase offer was too low.
The third trial was successful
The Menzies management said that it will recommend its shareholders to accept the latest offer from the Kuwaiti firm, Agility Public Warehousing Co, through which Agility subsidiary, NAS would
acquire Menzies at the above-mentioned price. NAS will not raise its proposal – the third after 2 unsuccessful attempts - unless a third-party or white knight table an offer for the Scottish
company, said Menzies’ management.
Just days before today's finalized acquisition, NAS had purchased a 13.2% stake in the Edinburgh-based company, making it the leading shareholder. Against this background, the Menzies management
was no longer in the position to torpedo a takeover. So, it concentrated on achieving the best price per share for the ground handling company’s stakeholders.

Cargo handling is a strong mainstay of Menzies
Following today’s acquisition, Menzies leadership team said it would open its books, allowing NAS due diligence information.
Menzies is among the biggest providers of fueling, maintenance, ground handling of cargo and passenger luggage, and a wide field of aviation services, operating in around 37 countries globally.
It had suffered heavy pandemic-driven losses in 2020, but has since recovered on cost controls and restructurings. The company’s cargo network includes 58 locations worldwide. Cargo handling is
supported by Hermes Logistics Technologies offering airlines and ground handling agents data-driven services for the fast and efficient processing of cargo imports and exports.
Little geographical overlap
While Menzies has a strong foothold at major airports in Europe and the USA, including some parts of East Asia, NAS offers airport services in emerging markets. In a statement, the Kuwaiti
company said that joining forces with Menzies would allow both firms to expand into more markets and benefit from scale as the aviation industry bounces back from the pandemic step by step.
Heiner Siegmund
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