Britain's GKN rejects Melrose $11.2 billion final offer
Reuters
Published Mar 12, 2018 12:27PM ET
Britain's GKN rejects Melrose $11.2 billion final offer
(Reuters) - GKN (L:GKN) rejected Melrose Industries' (L:MRON) increased and final 8.1 billion pounds ($11.2 billion) offer for the British engineering firm, saying the turnaround specialist was not the right owner.
"The board believes that Melrose's Revised Offer continues to fundamentally undervalue GKN and has no hesitation in unanimously rejecting it," GKN Chairman Mike Turner said.
Melrose Industries increased its hostile offer for GKN by around 10 percent on Monday, trying to win over investors after the British engineering firm struck a rival deal of its own last week with Dana Inc (N:DAN).
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.