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In the City, shares in airport services group John Menzies have jumped by 34%, after it rebuffed a takeover approach from a Kuwait firm.
John Menzies says it has rejected an “unsolicited and highly opportunistic approach” from Kuwait’s Agility Public Warehousing, which valued it at around £469m.
“The Board of Menzies has unanimously rejected this unsolicited and highly opportunistic Proposal, which we believe does not reflect Menzies’ true intrinsic business worth or its prospects.
Menzies continues to make good progress with strong performance across a number of service lines, which together with productivity gains, saw the Group to finish last year strongly. This strong performance and momentum in 2021 has continued in 2022 with further contract wins and renewals alongside the continued recovery of global flight volumes.
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