BUSINESS LIVE: NAS sweetens John Menzies bid; Morses CEO exits

BUSINESS LIVE: NAS sweetens John Menzies bid; Morses CEO exits as subprime lender’s profits shrink; Clipper Logistics agrees £943m takeover

Kuwait’s National Aviation Services has sweetened its takeover proposal for the British airport services company John Menzies, valuing it at about £559million.

The Edinburgh-based company, which previously rejected a lower proposal, said it has indicated to NAS that it would be willing to back the 608p per share offer, subject to certain other terms.

British subprime lender Morses Club’s CEO Paul Smith has left his role with immediate effect, and has been replaced by chief operating officer Gary Marshall.

Morses also told investors on Monday that it now expects adjusted pre-tax profit for fiscal year 2022 to be 20 to 30 per cent below current market expectations.

Yet another firm is set to disappear from London’s stock market as Clipper Logistics agreed to a £943bn takeover from US rival GXO.

Leeds-headquartered Clipper, which handles orders for the likes of Asda, Asos and John Lewis, said it had agreed to the terms of the possible bid – though no formal offer has yet been made.

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NAS’s final proposal follows earlier all cash offers for Menzies at 460p, 510p and 605p per share.