There is always a tinge of sadness when another venerable Sc[...]

Publication Date06 May 2022
AuthorEwan Lauder
Publication titleBusiness Insider
John Menzies plc, which started in the distribution of books and newspapers in 1833, had an array of retail newsagents across the UK, before in recent years moving fully into the aviation sector, has been a stalwart of Business Insider's listings, having gone on the London Stock Exchange in 1962

Menzies Aviation operates at more than 200 airports in 37 countries, supported by a global team of 25,000 people. In 2020, Menzies Aviation handled 0.5 million aircraft turns, 1.2 million tonnes of cargo and fuelled 1.9 million turnarounds. Its customers include Air Canada, Air China, Air France-KLM, American Airlines, Cathay Pacific, easyJet, Frontier Airlines, IAG, Qantas Group, Qatar Airways, Southwest, United Airlines, WestJet and Wizz Air.

The Menzies management, who had to make drastic cuts in the workforce during the downturn in air travel caused by the Covid pandemic, has accepted a £571m takeover bid by a Kuwaiti firm for the Scottish air services company. At the time of going to press, the offer by National Aviation Services (NAS) is still conditional on full shareholder acceptance. The board of Menzies recommended the bid to shareholders as a "fair price". The share price has risen by a healthy 12%.

Menzies chief executive 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."

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".

NAS is a subsidiary of Kuwait-based logistics conglomerate Agility Public Warehousing which works in Africa, Asia and the Middle East. The 608p per share deal follows previous bids of 460p, 510p and 605p made in February.

Meanwhile, Edinburgh-based Craneware, the AIM-listed company, is deeply embedded in the American healthcare system, serving more than a third of all registered hospitals.

The company has established itself as a market leader helping doctors, physicians and healthcare professionals across the US manage revenues and payments.

In late September 2021, the company, with its US headquarters in Atlanta, released Trisus Pharmacy Financial Management available to all US hospitals and health systems. In the following six months, this product has helped enhance...

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