Comment / M&A radar: An extra 50 dirty pence will get John Menzies dancing

Thursday 17 February was a watershed moment for cargo handler John Menzies of the UK.

We have been waiting for it for almost three years.

Up, up, up we go 

The second proposal – dated 2 February* – it received from Agility-owned National Aviation Services (NAS) was worth almost £470m (equity value only = 510p a share), has been ’effectively replaced’ by a new, higher bid mark after the suitor went shopping for a 13.2% stake in Menzies at 605p.

That puts in a floor but ...