UK airport services firm John Menzies (Menzies) has accepted the takeover offer of $749m (£571m) from Kuwait-based logistics conglomerate Agility Public Warehousing.
Last month, Menzies received an improved all-cash takeover bid of $761.75m (£559m) from Agility subsidiary NAS, which offered to pay 608p per share.
The 608p per share price followed previous bids of 460p, 510p and 605p.
At the time of submitting its takeover proposal, NAS told the board that its latest proposal would be final and the purchase price would not be increased further.
Agility vice-chairman Tarek Sultan said: “They were focused on growth and shareholder value creation and investing in companies in high-growth sectors with strong fundamentals, reinforced by management teams with established records.”
Menzies’ board recommended to its shareholders that 608p per share is a ‘fair price’.
Menzies CEO Philipp Joeinig said: “The Menzies directors believe that the offer represents a fair and recommendable price for shareholders which recognises Menzies’ future prospects.
“Menzies is an outstanding business with a long and rich history.
“The board of Menzies applauds the work that the Menzies management team have done to steer the business through the challenging impacts of the pandemic and position the business for continued future growth and the next evolution in its journey.”
The board is said to have reached an agreement on the terms of the deal with the suitor.
Currently, Menzies has more than 25,000 employees across 37 countries providing passenger, baggage, airport fuel and aircraft handling services.