HELLO and welcome to the AM Business Briefing, as Scottish airport services company John Menzies has seen its shares rocket after revealing it rejected a £469 million takeover approach from a Kuwaiti suitor.
Shares in the Edinburgh-based firm – which provides fuelling, ground handling, lounge and maintenance services – jumped more than a third higher after it said it had rebuffed a 510p-a-share unsolicited bid proposal from National Aviation Services (NAS).
The bidder is an aviation services provider in emerging markets, which has its headquarters in Kuwait and is part of the wider Agility Public Warehousing Co.
The proposal followed an earlier 460p-a-share possible offer previously made by NAS.
John Menzies said: “The proposal is highly opportunistic and comes at a time when the full impact of management actions is not yet reflected in Menzies’ valuation and underlying volumes have yet to return to pre-pandemic levels.”
The latest approach from NAS marks a significant premium on John Menzies’s 335p-per-share closing price on Tuesday.
Glasgow estate agent Pacitti Jones buys Tip Top Homes
Estate agent and law firm Pacitti Jones has unveiled another acquisition, in the east end of Glasgow, and highlighted its appetite for further purchases.
Pacitti Jones, which is acquiring Dennistoun-based estate agency Tip Top Homes, said the deal was expected to be the “first of several acquisitions” for it this year. It last year acquired Kilsyth-based Penworth Properties.
Linwood fintech Beeks wins £2.5m contract
A Scottish financial technology firm has hailed the signing of a £2.5 million contract extension with one of its customers.
Beeks Financial Could said the contract over three years is for the provision of private cloud services into an additional geography for the tier one client.