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Kuwait-based logistics giant Agility is continuing its acquisition of shares in UK-based rival John Menzies, buying an additional 5.8 percent stake to become the largest shareholder.
The additional shares, totalling 5.3 million, were acquired by fully owned subsidiary Agility Strategies Holding Limited (ASHL) and brings the Kuwaiti firm’s stake in the company to 19 percent, a disclosure to the Dubai Financial Market (DFM) on Monday said.
The shares, representing 5.8 percent of in John Menzies’ total share, were valued at £32 million (KD 13 million or $43.5 million), with the individual share price pegged at £6.05.
Agility first acquired 13.2 percent of the shares in the Scottish-based aviation services firm from various sellers last week.
The acquisition followed a failed takeover attempt earlier in the week, in which the company offered £469 million to buy the London Stock Exchange-listed firm but was rejected.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
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