GKN shareholders accept Melrose hostile bid

Thursday, 29. March 2018 17:36

Shareholders of British automotive and aerospace components company GKN Inc. accepted on Friday a hostile takeover bid from Melrose Industries Plc. The investment firm said it won support from 52.43% of GKN investors. Melrose offered £8.1 billion which was unanimously rejected earlier this month as "entirely opportunistic." GKN tried instead to strike a deal with American company Dana Inc. for its Driveline division, which the board described as being "is in the best interests of GKN and its shareholders."

"We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalization of over £10 billion and a tremendous future," said Christopher Miller, chairman of Melrose.

Related Links: GKN plcMelrose Industries PLCDana Incorporated
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