DX Group’s largest shareholder has slammed the proposed acquisition of John Menzies Distribution, deeming it a bad deal for shareholders, an attempt to distract from “terrible” operating results and a “face saving exercise for the DX board”. The proposed deal, announced this morning, would see DX Group buy the distribution arm of Menzies for a cash consideration of £60m and the release of new DX shares. Trading of DX shares ceased at 7.30am until the deal is either confirmed or […]
The DX Group and John Menzies Distribution merger could be sealed this summer after both boards approved a revised offer that satisfies objections from a major shareholder.
DX Group made a pre-tax loss of more than £80m in the year ended 30 June 2017.
DX Group is being investigated by City of London Police, after an allegation was made against its Exchange business on 7 June.