News / Agility buys 13% of Menzies stock as hostile takeover bid gains pace

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Agility’s handling company, National Aviation Services, has gone one step further in its hostile takeover of John Menzies plc.

It said today it was in the process of buying about 13% of the company’s ordinary shares, some 12,133,893, at an elevated price of 605p, or £73.4m ($99m).

The price is a 109% premium on Menzies’ share price on February 2, when NAS made its second, rejected offer for the Scottish handling company, and about 80% higher than its February 8 share price.

“Consequently, ...