John Menzies (#MNZS) – recommended 608p per share offer

John Menzies (#MNZS) – deadline for offer to be made extended to 30th March as 608p per share discussions ongoing

John Menzies (#MNZS) – received possible all cash offer of 608p per share, willing to recommend

John Menzies – possible offeror NAS steps up pursuit with agreement to acquire shares...

Previously writing on John Menzies plc (MNZS) I noted possible offeror trying again… though only with a reiterated price. That was of 510p per share and I considered ‘NAS is unlikely to get anywhere with its latest engagement attempt there. The shareholdings in John Menzies are also disparate, with even the top shareholder having a less than 7% stake, and with the current vociferous opposition by the John Menzies board, a deal at the currently suggested level looks difficult’. Today from possible offeror NAS, “Statement re Acquisition of Shares in John Menzies”...

John Menzies (#MNZS) – reiterates possible offer rejection, states “has engaged with its shareholders”

John Menzies – possible offeror trying again… though only with a reiterated price

The National Aviation Services business of Agility Public Warehousing Co. states that it “has today again requested information access and dialogue with management” of John Menzies plc (MNZS) though currently “sees no reason to change its view on valuation”. So what’s the detail of the situation now?...

John Menzies (#MNZS) – NAS reiterates 510p per share possible offer, “looks forward to engaging with Menzies' shareholders”

John Menzies – possible offeror hits back at ‘opportunistic’ and ‘fundamentally undervaluing’, arguing “a compelling opportunity”...

The National Aviation Services business of Agility Public Warehousing Co. has noted the “Rejection of Unsolicited Approach” announcement from John Menzies plc (MNZS) yesterday and argues its possible 510p per share offer “represents a compelling opportunity for shareholders to realise full value for their investment in cash” and that it “is a disciplined investor… we urge Menzies' shareholders to consider carefully… our offer”. So what to make of this?...

John Menzies (#MNZS) – potential offeror argues 510p per share “compelling” & that it will make further statement “as appropriate”

John Menzies plc – are takeover approaches ‘opportunistic’ and ‘fundamentally undervaluing’ it?...

Having ended January at 286.5p, shares in aviation services company John Menzies (MNZS) were subsequently quite subdued and closed at 282p on 4th February. There were then rises on 7th February to 320p and 8th February to 335p... and then today a “Rejection of Unsolicited Approach” announcement. Of course, nothing to see re. that trading though folks – this is the London Stock Exchange’s ‘Premium Main Market’ after all! And what of the ‘approach’?...

John Menzies (#MNZS) – 510p per share approach from Agility Public Warehousing Co. “unanimously rejected”

John Menzies (#MNZS) – recent trading in line with expectations, confident in current projections

John Menzies (#MNZS) – “stronger than expected trading in recent months”

John Menzies (#MNZS) – “ground services in Europe particularly weak but this is offset by encouraging trading elsewhere”

John Menzies (#MNZS) – £22m equity raise at 290p per share, including £1m via PrimaryBid

John Menzies (#MNZS) – FY20 swing to loss, anticipates gradual recovery

John Menzies (#MNZS) – notes H1 loss but now a partial return of flight schedules, agreed revised banking covenant structure

John Menzies (#MNZS) – updates on actions with “significantly reduced revenue”, “a recovery in flight activity anticipated to begin from early July”

John Menzies (#MNZS) – disruption having “a very significant adverse impact”, cost reduction initiatives & in financing discussions

John Menzies (#MNZS) – “outbreak and continued spread of COVID-19 is having a direct impact on the operations of the group”