The board of Edinburgh-based airport logistics giant John Menzies announced that its shareholders voted to approve the £571 million cash takeover offer from Kuwait-based National Aviation Services (NAS), a subsidiary of Agility Public Warehousing Company.
The offer of £6.08 per share represents a premium of 81% to the Menzies closing share price of £3.35 on February 8, 2022, the last business day prior to the offer period.
The deal is still subject to approval of regulatory authorities and is expected to close in the third quarter of 2022, Agility said in a statement.
Agility has already acquired about 19% of Menzies’ shares, making it the largest shareholder in one of Scotland’s oldest and biggest companies.
Menzies provides airport logistics services at more than 200 locations in more than 37 countries with a team of more than 25,000 employees.