Menzies cancels share listing as Agility takeover goes ahead
Edinburgh headquartered aviation firm John Menzies has cancelled plans to list more of its shares on the London Stock Exchange.
The cancellation comes after the aviation struck a deal with Bidco, a subsidiary of Kuwaiti logistics company Agility, through which it agreed to buy the newly issued shares.
The agreement comes after Menzies’ board in March backed Bidco’s £571m takeover bid through which the Edinburgh firm would merge with Agility’s own National Aviation Services.
As part of the takeover deal, Bidco agreed to acquire all shares in the firm, including any to be the issued in the future.
Established by bookseller John Menzies on Edinburgh’s Princes Street in 1833, John Menzies has over the previous century evolved from a book and magazine retailer into an aviation services firm.
The company suffered heavy losses during Covid-19 and cut its workforce by 17,500 staff.