January 17, 2018 / 8:15 AM / a month ago

BRIEF-Melrose Says Makes 7.4 Bln Pound Firm Offer For GKN Plc

Jan 17 (Reuters) - Melrose Industries Plc:

* MELROSE INDUSTRIES - FIRM OFFER FOR GKN PLC

* ANNOUNCES TERMS OF ITS FIRM OFFER TO ACQUIRE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF GKN PLC

* GKN SHAREHOLDERS WILL BE ENTITLED TO RECEIVE: 1.49 NEW MELROSE SHARES FOR EACH GKN SHARE AND 81 PENCE IN CASH

* ‍ACQUISITION WILL INCLUDE A MIX AND MATCH FACILITY​

* ‍CASH CONSIDERATION PAYABLE UNDER TERMS OF ACQUISITION WILL BE FUNDED THROUGH A NEW DEBT FACILITY​

* BASED ON MELROSE‘S CLOSING PRICE OF 234.3 PENCE PER MELROSE SHARE ON JAN 16, DEAL VALUES EACH GKN SHARE AT 430.1 PENCE

* MELROSE INDUSTRIES - ‍GROUP NET LEVERAGE IS EXPECTED TO BE IN LINE WITH ITS DECLARED STRATEGY OF APPROXIMATELY 2.5X ENLARGED GROUP EBITDA AS A RESULT OF DEAL​

* DEAL VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF GKN AT APPROXIMATELY £7.4 BILLION

* MELROSE - “‍MELROSE DIRECTORS, WHO HAVE BEEN SO ADVISED BY ROTHSCHILD AND RBC EUROPE LIMITED, CONSIDER TERMS OF ACQUISITION TO BE FAIR AND REASONABLE”​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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