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Melrose Industries PLC (MRON.L)

MRON.L on London Stock Exchange

231.50GBp
5:00pm IST
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-4.00 (-1.70%)
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Latest Key Developments (Source: Significant Developments)

GKN quarterly sales drop 0.5 pct to 2.6 bln stg-Melrose
Tuesday, 24 Apr 2018 

April 24 (Reuters) - Melrose Industries PLC ::GKN <<>> QUARTERLY SALES 2.599 BILLION STG VERSUS 2.611 BILLION STG YEAR AGO.TRADING UPDATE FOR GKN PRIOR TO MELROSE OWNERSHIP.GKN GROUP SALES IN PERIOD WERE £2,599 MILLION (2017: £2,611 MILLION).GROUP OPERATING PROFIT WAS £181.5 MILLION (2017: £215.1 MILLION).GROUP OPERATING PROFIT MARGIN WAS 7.0% (2017: 8.2%).GKN PLC PERFORMANCE IN PERIOD BEFORE MELROSE OWNERSHIP SHOWED TRENDS BELOW CURRENT MARKET EXPECTATIONS FOR GKN FOR PROFIT AND CASH GENERATION.WHILE THIS GIVES MELROSE A LOWER STARTING POINT FOR GKN THAN CURRENT MARKET CONSENSUS OPINION, MELROSE ALLOWED FOR FURTHER UNDERPERFORMANCE BY GKN PRIOR TO ITS OWNERSHIP.REMAINS CONFIDENT IT WILL BE ABLE TO DELIVER ON ALL STATEMENTS IT MADE DURING OFFER PERIOD OVER MEDIUM TERM.  Full Article

Melrose Says Offer For Gkn Unconditional In All Respects
Thursday, 19 Apr 2018 

April 19 (Reuters) - Melrose Industries Plc ::OFFER FOR GKN UNCONDITIONAL IN ALL RESPECTS.MELROSE'S OFFER FOR GKN HAS BECOME UNCONDITIONAL IN ALL RESPECTS.ALL MEMBERS OF BOARD OF GKN HAVE RESIGNED FROM BOARD OF GKN PLC AS OF APRIL 19.  Full Article

Melrose Says Received Valid Acceptances Representing About 84.97 Pct Of GKN Voting Rights
Wednesday, 18 Apr 2018 

April 18 (Reuters) - Melrose Industries PLC ::MELROSE INDUSTRIES - UPDATE RE MELROSE OFFER FOR GKN.MELROSE INDUSTRIES PLC - MELROSE HAD RECEIVED VALID ACCEPTANCES REPRESENTING APPROXIMATELY 84.97 PER CENT.MELROSE - AS AT 12.00 P.M. RECEIVED VALID ACCEPTANCES OF ITS OFFER IN RESPECT OF 1.46 BILLION GKN SHARES, REPRESENTING ABOUT 84.97% OF VOTING RIGHTS OF GKN.  Full Article

Melrose Industries Says Received Valid Acceptances Of About 81.80 Pct Of Voting Rights Of GKN
Tuesday, 17 Apr 2018 

April 17 (Reuters) - Melrose Industries::STATEMENT RE OFFER UPDATE.MELROSE HAS RECEIVED VALID ACCEPTANCES REPRESENTING APPROXIMATELY 81.80 PER CENT. OF VOTING RIGHTS OF GKN.MELROSE EXPECTS THAT OFFER WILL BECOME WHOLLY UNCONDITIONAL BY NO LATER THAN 19 APRIL 2018..  Full Article

UK Govt Has "Statutory Responsibility" To Consider Whether GKN-Melrose Merger Gives Rise To Public Interest Concerns - Business Secretary‍​
Thursday, 29 Mar 2018 

March 29 (Reuters) - UK Business Secretary Greg Clark: :"DURING BID, MELROSE MADE COMMITMENTS WHICH THEY ARE BOUND TO HONOUR INCLUDING INVESTMENT IN RESEARCH AND DEVELOPMENT, MAINTAINING ITSELF AS UK BUSINESS" ‍​.GOVERNMENT HAS STATUTORY RESPONSIBILITY TO CONSIDER WHETHER GKN-MELROSE MERGER IN PROPOSED FINAL FORM GIVES RISE TO PUBLIC INTEREST CONCERNS .ASSESSMENT ON WHETHER MERGER GIVES RISE TO PUBLIC INTEREST CONCERNS WILL BE MADE BY APPROPRIATE AUTHORITIES.CONCLUSION ON ASSESSMENT ON WHETHER MERGER GIVES RISE TO PUBLIC INTEREST CONCERNS WILL BE SET OUT IN DUE COURSE .  Full Article

Melrose Agrees With Panel On Post-Offer Undertakings On GKN Deal
Tuesday, 27 Mar 2018 

March 27 (Reuters) - Melrose Industries Plc ::CONFIRMS THAT IT HAS TODAY AGREED WITH PANEL FORM OF FOLLOWING LEGALLY BINDING POST-OFFER UNDERTAKINGS (POUS).CONFIRMS IT AGREED WITH PANEL FOR UNDERTAKING FOR PERIOD OF 5 YRS TO MAINTAIN MELROSE GROUP HEADQUARTERS IN UK.AN UNDERTAKING FOR FIVE YEARS TO MAINTAIN LISTING OF MELROSE'S SHARES ON OFFICIAL LIST AS MAINTAINED BY UKLA.POU INCLUDES UNDERTAKING FOR FIVE YEARS THAT NO DIRECTOR WILL BE APPOINTED OR REAPPOINTED, OR RECOMMENDED TO BE APPOINTED OR REAPPOINTED.UNDERTAKING CO WILL PROCURE THAT EXPENSED RESEARCH AND DEVELOPMENT SPEND OF GKN DURING JAN 1 2019 TO DEC 31 2023 WILL BE AT LEAST 2.2 PERCENT OF AGGREGATE GKN SALES.  Full Article

GKN Has Had Several Approaches For Individual Businesses- FT,Citing Sources
Friday, 26 Jan 2018 

Jan 26 (Reuters) - :GKN, FACING A HOSTILE 7 BILLION STG BID FROM MELROSE INDUSTRIES, HAS HAD SEVERAL APPROACHES FOR INDIVIDUAL BUSINESSES- FT,CITING SOURCES.  Full Article

Melrose Says Makes 7.4 Bln Pound Firm Offer For GKN Plc
Wednesday, 17 Jan 2018 

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"​.  Full Article

Trustees of the GKN Pension Scheme Comment On Proposed Melrose Deal
Tuesday, 16 Jan 2018 

Jan 16 (Reuters) - GKN Plc ::GKN PENSION SCHEME TRUSTEES - "TRUSTEES ARE CONCERNED THAT ANY POTENTIAL PURCHASER OF GKN SHOULD BE AWARE OF RECENT FUNDING POSITION OF SCHEMES".GKN PENSION SCHEME TRUSTEES - "SCHEMES HAD AN AGGREGATE DEFICIT ON A GILTS FLAT BASIS OF £1.1BN, AGGREGATE DEFICIT ON A SOLVENCY BASIS OF £1.9BN".GKN PENSION SCHEME TRUSTEES - "ANY MATERIAL CHANGE TO CORPORATE AND CAPITAL STRUCTURE OF GKN WOULD LEAD TRUSTEES TO REASSESS STRENGTH OF COVENANT GOING FORWARD".GKN PENSION SCHEME TRUSTEES- "EXPECT FULL ENGAGEMENT WITH MANAGEMENT AND WITH ANY RELEVANT THIRD PARTIES".GKN PENSION SCHEME TRUSTEES - "SCHEMES ARE VERY SUBSTANTIAL STAKEHOLDERS IN BUSINESS WITH SIGNIFICANT LEVEL OF RELIANCE ON THE STRENGTH OF GKN COVENANT".  Full Article

GKN Says Melrose Offer Undervalues Co
Monday, 15 Jan 2018 

Jan 15 (Reuters) - GKN Plc ::GKN SPOKESMAN- "GKN’S NEW CEO AND FINANCE DIRECTOR HAVE THE EXPERTISE AND COMMITMENT TO IMPLEMENT OUR TRANSFORMATION PLAN PROJECT BOOST”.GKN SPOKESMAN- "PROJECT BOOST WILL IMPROVE OUR CASH GENERATION AND PROFIT MARGINS - AND MAXIMISE VALUE FOR OUR SHAREHOLDERS".GKN SPOKESMAN- “MELROSE’S OPPORTUNISTIC OFFER TO SHAREHOLDERS FUNDAMENTALLY UNDERVALUES OUR COMPANY AND ITS PROSPECTS".GKN SPOKESMAN- “(MELROSE’S OFFER) WOULD DEPRIVE OUR SHAREHOLDERS OF THE FULL BENEFITS OF THE VALUE THAT GKN INTENDS TO DELIVER ".  Full Article

BRIEF-Melrose Industries Says Looks To Compulsorily Acquire Remaining GKN Shares

* NOW ACQUIRED, UNCONDITIONALLY CONTRACTED TO ACQUIRE OR RECEIVED VALID ACCEPTANCES OF OFFER IN RESPECT OF MORE THAN 90 PERCENT OF VALUE OF GKN