(Reuters) - Kuwait-based National Aviation Services (NAS) said on Monday a 469 million pound ($635 million) takeover proposal rejected by John Menzies represented a "full and fair value" for the British airport services group.
The statement from NAS, a unit of Kuwait's Agility Public Warehousing Co, comes days after John Menzies turned down the proposal, saying it undervalued the London-listed company and termed it "highly opportunistic".
NAS said its offer of 510 pence per share, was a "compelling opportunity for John Menzies shareholders to realise their investment in cash in the near-term," adding that the John Menzies management had not "meaningfully engaged" with them.
"As operators ourselves, we also see a sector facing a number of challenges and a company that lacks the balance sheet to thrive," said NAS Chief Executive Officer Hassan El-Houry.
John Menzies did not immediately respond to a Reuters request for comment.
John Menzies, among the biggest providers of fuelling, ground handling and maintenance services globally, had suffered heavy losses in 2020, but has since recovered ground on cost controls and restructurings.
The company's shares were down 5% at 458 pence at 08:37 GMT.
NAS said on Monday it had once again sought to speak with John Menzies' board and would also engage with the British company's shareholders simultaneously.
($1 = 0.7389 pounds)