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Melrose Raises Offer for GKN to $11.2 Billion to Sway Investors

Melrose Raises Offer for GKN to $11.2 Billion to Sway Investors

In a letter to GKN shareholders, Melrose chairman Christopher Miller hit out at the takeover target's own efforts to fight off the hostile bid, particularly GKN's recent agreement to merge its automotive business with United States firm Dana in a 6.1 billion USA dollar (£4.4 billion) deal.

Shares in GKN (LON:GKN) have advanced in London this morning after Melrose Industries (LON:MRO) cranked up its hostile takeover offer for the British engineering group. It has offered to give back £2.5bn to shareholders and agreed to merge its vehicle unit with U.S. company Dana.

The deadline for GKN shareholders to accept its offer is March 29, it said, adding that it encouraged shareholders to accept its offer and help create a "UK-listed manufacturing powerhouse with very significant future potential".

According to Melrose, its recent attempts to engage in "constructive discussions" with GKN had been blocked.

However, this was based on Melrose's previous offer, which it said was "opportunistic" and "fundamentally undervalues" GKN's prospects.

Three terrorists killed in Anantnag encounter
The group affiliation of the slain terrorists was not immediately known. There was no collateral damage to the security forces, reports stated.

Also on Monday, GKN issued its latest defence against the Melrose approach.

"Instead of £1.4bn in cash and a majority investment in a stronger combined Melrose / GKN business, it appears the GKN Board prefers a minority stake in a foreign business (Dana) with no GKN management involvement".

Melrose responded by taking its offer directly to GKN investors, ramping up the pressure on GKN's newly appointed chief executive, Anne Stevens.

The Pensions Regulator has warned that the Melrose takeover could affect the company's ability to fund its pension scheme.

Ten UK sites, including Bristol, Cowes, Luton, Portsmouth, Birmingham and Telford.


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