February 28, 2018 / 11:53 AM / 6 months ago

Shareholder adviser ISS recommends Melrose investors back GKN bid

LONDON, Feb 28 (Reuters) - Melrose Industries has secured the backing of investor advisory firm Institutional Shareholder Services (ISS) for its 7 billion pound ($9.7 billion) hostile bid for British engineering firm GKN.

“Given the sensible strategic rationale, (Melrose’s) turnaround track record and reasonable valuation, approval of the acquisition is warranted,” ISS said in a note circulated to clients last week. Melrose investors are due to vote on the proposed deal at a meeting on March 8.

$1 = 0.7218 pounds Reporting by Ben Martin; editing by Jason Neely

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