March 12, 2018 / 3:44 PM / a year ago

Britain's GKN rejects Melrose $11.2 billion final offer

Branding is seen outside the headquarters of GKN in Redditch, Britain, March 12, 2018. REUTERS/Hannah McKay

(Reuters) - GKN GKN.L rejected Melrose Industries’ (MRON.L) 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 (DAN.N).

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Edmund Blair

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