Melrose increases offer for GKN to £8.1bn

GKN which employs about 58,000 people including at this aerospace site in Portsmouth is bitterly opposed to Melrose’s hostile takeover attempt

Melrose lifts GKN takeover offer to £8.1bn

Melrose has upped a hostile takeover offer for Redditch-based engineering company GKN to £8.1bn.

Mr Miller added: "In the interests of decisively resolving the future of GKN, we are pleased to set out the terms of an increased and final offer which would give GKN Shareholders 60% of the Enlarged Group and £1.4bn in cash".

Under the existing terms of its offer, Melrose shareholders would own 43 per...

The suitor raised its offer on Monday after GKN on Friday sought to fend off the bid by striking an alternative $6.1 billion tie-up to merge its automotive business with USA company Dana Incorporated.

It says all recent attempts to engage in "constructive discussions" with GKN have been blocked.

It is offering 467p a share, compared with Friday's closing share price of 435p.

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But on Monday Melrose said that it thought that tie-up was "hasty and ill-thought-through".

GKN has issued a statement saying it "notes the announcement made earlier today by Melrose Industries".

GKN has said that Melrose's move, originally pitched at about £7.4 billion, "fundamentally undervalues" its business and has described the approach as "entirely opportunistic".

GKN shareholders now face a 29 March deadline to accept or reject the new Melrose offer.

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

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