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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
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".
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.
Will the U.S. continue to lead?
It's important to note here that thus far the North Korean regime has not publicly or officially requested a meeting with Trump. A statement from White House Press Secretary Sarah Sanders said the place and time of the meeting was still being worked out.
Conte happy with Hazard in false nine role
Speaking ahead of Saturday's game against Crystal Palace , he said: "If I think it's right for the team to play this way, it's OK. Asked how he feels about players voicing their dissatisfaction to the press, Conte replied with a story from his past.