March 19, 2018

Melrose increases offer for GKN

12 March 2018, 12:33 | Cesar Cruz

Britain's Melrose raises GKN bid to $11.2 billion in final offer

Britain's Melrose raises GKN bid to $11.2 billion in final offer

Earlier this month, Melrose shareholders gave their backing to its prior £7.4bn hostile bid, with 98 per cent in favour of the acquisition.

Melrose Industries Plc sweetened a hostile offer for GKN Plc to 8.1 billion pounds ($11.2 billion) in an effort to woo shareholders away from supporting the United Kingdom engineering company's proposal to break itself up.

He said Melrose had gone directly to shareholders with its latest offer because the GKN board had rebuffed all recent attempts to engage in "constructive discussions". The move came after the blue-chip company agreed a deal last week to merge its automotive division with Dana.

GKN announced the terms of the Driveline deal last week which would see Dana shareholders own 52.75% of the company and GKN the remainder, with the combined company set to be domiciled in the United Kingdom but traded on the New York Stock Exchange.

"Instead of #1.4 billion in cash and a majority investment in a stronger combined Melrose / GKN business, it appears the GKN Board prefers a minority stake in a foreign business (Dana) with no GKN management involvement".

The Microsoft (MSFT) Receiving Somewhat Favorable Media Coverage, Study Finds
The stock of 3M Company (NYSE:MMM) earned "Buy" rating by Citigroup on Monday, October 9. 26,712 are held by Amer Research &. The California-based Nelson Roberts Investment Ltd Liability Co has invested 0.36% in Microsoft Corporation (NASDAQ:MSFT).

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

Hikma Pharmaceuticals Plc said on Monday it plans a new clinical study on its generic version of GlaxoSmithKline's GSK.L popular lung drug Advair, as it looks to resolve an ongoing dispute with the Food and Drug Administration over plans to launch the drug in the U.S.

The FTSE 100 group's investors have until 13:00 GMT on March 29 to accept the current offer, which, Melrose noted, "will not be increased under any circumstances".

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

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