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March 31 (Reuters) - Mail delivery firm DX Group Plc said it was talks to buy airport services and logistics group John Menzies' distribution division in a cash-and-stock deal.
DX Group proposed to pay 60 million pounds ($74.8 million) in cash and issue of new ordinary shares representing 80 percent of DX's issued share capital after the deal closes, the companies said in a statement.
The companies said they expected the cash- and debt-free transaction to complete in the summer, but warned that there can be no certainty that a transaction would occur. ($1 = 0.8021 pounds) (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)