Aviation firm John Menzies rejects takeover bid by Kuwaiti rival

John Menzies, a Scottish firm that provides ground, air cargo and fuelling services at airports, has rejected a GBP469m takeover approach from a Kuwait rival, sending its shares soaring. The Edinburgh-based firm said its board had unanimously rebuffed a “preliminary and unsolicited proposal” from National Aviation Services, a subsidiary of the Kuwait-based Agility Public Warehousing, at a price of 510p a share in cash. It came after Menzies knocked back an earlier offer at 460p a share. Shares in Menzies jumped as much as 41% to 475p, a two-year high, and later traded 36% higher at 455.50p, below the offer price. It is the latest overseas bid attempt after a surge in takeovers of UK companies by foreign firms in recent months, including the GBP7b sale of Morrisons, Britain’s fourth-biggest supermarket group, to a US private equity firm. Menzies was founded in 1833 as a bookseller, but has focused on its aviation business since selling its newspaper distribution arm to the private equity firm Endless in 2018, after pressure from investors. It is one of the world’s biggest aviation services providers, with services including plane fuelling and de-icing, ground and cargo handling, and maintenance at more than 200 airports in 37 countries.<br/>