UK airport services firm John Menzies (Menzies) has received an improved all-cash takeover offer of $761.75m (£559m) from Agility subsidiary NAS.

Menzies’ board is willing to recommend this offer of 608p per share by the Kuwaiti group to shareholders.

NAS notified the board that its latest proposal is final, and the purchase price will not be further increased.

However, it could raise the offer price in the event of a takeover bid by a third party.

In a statement, Menzies said: “The Final Proposal is conditional on, amongst other things, confirmatory due diligence and the recommendation of the board of Menzies (such conditions being capable of waiver by NAS).”

NAS previously made three bids of 460p, 510p, and 605p per Menzies share, all of which were rejected by the board, for being ‘highly opportunistic’ and for undervaluing the London-listed firm.      

Menzies added: “The board has considered the Final Proposal and indicated to NAS that it would be willing unanimously to recommend an offer at the financial terms of the Final Proposal to Menzies shareholders subject to the satisfactory resolution of all the other terms of the offer, including the approach to the customary regulatory approvals required to complete any transaction.

“Accordingly, the board is in discussions with NAS in relation to these terms and will be providing NAS with access to management and due diligence information.”

With a workforce of 25,000 people, Menzies Aviation operates at more than 200 airports across 37 countries.

The firm counts United Airlines, Air France-KLM, American Airlines, Cathay Pacific, Air China, Qantas Group, Air Canada, and Qatar Airways among its clients.