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GKN faces new £8.1bn Melrose bid in takeover battle

12 March 2018

The turnaround specialist said it represented an "attractive immediate premium" of 43% on GKN's closing price on January 5 at 467p per share.

The board of GKN, a maker of parts for use by vehicle and plane makers, has been battling to show shareholders that it can create more value for them with its own plan for the company since January when Melrose first approached it.

Melrose has upped a hostile takeover offer for Redditch-based engineering company GKN to £8.1bn. The move came after the blue-chip company agreed a deal last week to merge its automotive division with Dana.

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Melrose called GKN's attempts to fend off the approach a "hasty fire sale of GKN businesses before they have reached their potential".

It has gone directly to shareholders with its offer because, it said, the GKN board continued to refuse any "constructive discussions".

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Under a previous offer, GKN shareholders would have received 1.49 new Melrose shares.

Mr Miller said some GKN investors would not be able to hold the foreign listed shares, adding that the Driveline agreement was likely to involve a "lengthy and uncertain completion process" with competition clearances needed in the US, EU and China.

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

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GKN shareholders have until 29 March to decide whether or not to accept Melrose's offer.

GKN faces new £8.1bn Melrose bid in takeover battle