(Reuters) – Kuwait’s National Aviation Services (NAS) said on Friday it had increased its stake in John Menzies for 32.1 million pounds ($43.61 million), taking its total ownership to about 19%, weeks ahead of a deadline to make another takeover offer for the British airport services group.
The Kuwaiti suitor said it bought another 5.8% stake of John Menzies at 605 pence per share.
NAS on Thursday became John Menzies’ top shareholder, a week after the 188-year-old Edinburgh-based company rejected a lower proposal.
Under British regulations, NAS’ future offers for the London-listed firm have to be above 605 pence per share.
A unit of Kuwait’s Agility Public Warehousing Co, NAS has until March 9 to decide whether to table another offer for the British company or walk away. Menzies, among the biggest providers of fuelling, ground handling and maintenance services operating in around 37 countries, said on Thursday it had not received another offer from NAS.
($1 = 0.7360 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Ramakrishnan M.)
