Melrose increases GKN hostile takeover bid to £8.1bn

Melrose increases GKN hostile takeover bid to £8.1bn

Melrose increases GKN hostile takeover bid to £8.1bn

Melrose has increased its takeover offer for United Kingdom engineering giant GKN to £8.1bn, the turnaround specialist confirmed.

Melrose has gone directly to shareholders with its offer because, it said, the GKN board continued to refuse any "constructive discussions".

"GKN directors will do the same in respect of their own beneficial shareholdings". It has offered to give back £2.5bn to shareholders and agreed to merge its vehicle unit with United States company Dana.

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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.

Melrose said that Monday's offer, up from a previous one of £7.4bn, was its best and final offer and would not be improved "under any circumstances".

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

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GKN has issued a statement saying it "notes the announcement made earlier today by Melrose Industries". Melrose, whose motto is "buy, improve, sell", is an acquirer of what it considers underperforming engineering companies, which it then revives before selling on.

The Pensions Regulator has warned that the Melrose takeover could affect the company's ability to fund its pension scheme.

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

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