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13 March, 2018 00:00 00 AM
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GKN mulls final £8.1bn takeover offer from Melrose

AFP

British engineering group GKN on Monday said it was evaluating an improved and final takeover bid from turnaround specialist Melrose Industries worth £8.1 billion, reports AFP from London.

Melrose had earlier Monday offered the equivalent of $11.2 billion or 9.1 billion euros—in response to GKN’s pre-weekend announcement that it had agreed a tie-up of its automotive unit with US car parts group Dana.

GKN’s move on Friday had been seen as a defence against a full takeover by Melrose, which had already had an offer worth £7.4 billion turned down.

On Monday, the board of GKN said in a statement that it is “evaluating the revised” offer. And in a separate statement, GKN repeated its rejection of the prior bid that it has described as “entirely opportunistic” and too low in value.

The new bid meanwhile proposed that GKN shareholders own 60 per cent of Melrose and receive £1.4 billion in cash.

Reaching out in a letter to GKN shareholders yesterday, Melrose chairman Christopher Miller said.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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