Melrose Increases Offer for GKN to £8.1bn

Turnaround specialist Melrose has increased its offer for engineering giant GKN from £7.4bn to £8.1bn.
It has also raised the amount GKN shareholders would own in Melrose following the deal from 57% to 60%.

Melrose said all recent attempts to engage in “constructive discussions” with GKN had been blocked.
GKN has fought hard against the offer. It has offered to give back £2.5bn to shareholders and agreed to merge its car unit with US company Dana.

Melrose says its latest offer is “final” and “will not be increased under any circumstances”.
It is offering 467p a share, compared with Friday’s closing share price of 435p.

Melrose called GKN’s attempts to fend off the approach a “hasty fire sale of GKN businesses before they have reached their potential”.
Also on Monday, GKN issued its latest defence against the Melrose approach.
However, this was based on Melrose’s previous offer, which it said was “opportunistic” and “fundamentally undervalues” GKN’s prospects.

Courtesy : BBC News , Panduan Wisata Amerika

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