Agility-Menzies agree on £571mn deal, shareholders get £6.08/share

 The boards of Agility Public Warehousing Company K.S.C.P. (Agility) and GIL International Holdings V Limited (Bidco), one of its wholly-owned subsidiaries, and the board of John Menzies Plc (Menzies) today announced that they have reached agreement on the terms of a recommended cash offer to acquire 100 percent of the ordinary shares in Menzies at £6.08/share. The deal values Menzies at approximately £571 million on a fully diluted basis and at approximately £763 million on an enterprise value basis, according to an official statement from Agility. "The final offer price represents a premium of approximately:* 81 percent to the closing price of 335 pence per Menzies share on February 8, 2022 (being the last business day prior to the commencement of the offer period;* 107 percent to the volume weighted average price of 294 pence per Menzies share during the three-month period ended February 8, 2022; and* 104 percent to the volume weighted average price of 298 pence per Menzies share during the six-month period ended February 8, 2022."

Bidco has confirmed to the Menzies board that the financial terms of the deal are final and will not be increased "except that Bidco reserves the right to increase the amount of the offer if there is an announcement on or after the date of this announcement of a firm offer for Menzies by a third party offeror." Following the completion, Agility will combine the business of Menzies with that of its existing wholly-owned subsidiary National Aviation Services (NAS).

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