January 17, 2018 / 10:40 AM / 4 months ago

BRIEF-GKN Says Board Unanimously Rejects Melrose Offer

Jan 17 (Reuters) - Gkn Plc:

* REJECTION OF MELROSE OFFER

* ‍BOARD STATED THAT PROPOSAL WOULD MATERIALLY DILUTE EXPOSURE OF GKN SHAREHOLDERS​

* ‍WOULD MATERIALLY DILUTE EXPOSURE OF GKN SHAREHOLDERS TO MEANINGFUL UPSIDE OPPORTUNITIES THAT BOARD BELIEVES ARE PRESENT WITHIN GROUP​

* GKN’S BOARD UNANIMOUSLY REJECTED BECAUSE IT FUNDAMENTALLY UNDERVALUED GKN.​

* ‍NEW MANAGEMENT, CHIEF EXECUTIVE ANNE STEVENS AND GROUP FINANCE DIRECTOR JOS SCLATER, ARE CURRENTLY UNDERTAKING A SERIES OF SHAREHOLDER MEETINGS​

* ‍TERMS OF THIS OFFER ARE EFFECTIVELY UNCHANGED FROM MELROSE’S UNSOLICITED PROPOSAL​ Source text for Eikon: Further company coverage:

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