Kuwaiti logistics group buys £73.4m shares in airport services company John Menzies

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Kuwaiti logistics group buys £73.4m shares in airport services company John Menzies










A Kuwaiti logistics group suing John Menzies became its largest shareholder after taking a stake

A Kuwaiti logistics group suing John Menzies has become its largest shareholder after taking a stake.

National Aviation Services (NAS) bought 12.1m shares in the airport services company, equivalent to a 13.2% stake, for £73.4m or 605p per share.

That was nearly 30% higher than the stock price the day before and more than double the value on Feb. 2 when NAS filed its latest takeover bid. The stock jumped 24.8%, or 116%, to 584%, taking its gains over the past two weeks to more than 100%.

Menzies rejected a takeover bid from NAS earlier this month worth £469million, or 510p per share. It followed an offer from NAS in January for 460p per share, valuing the group at around £423m.

Any takeover could fall under the National Security and Investment (NSI) Act, which came into effect earlier this year. Companies must notify the government of any acquisition of entities in areas such as transportation, which includes airports, ports and harbours.

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