Edition:
India

Melrose Industries PLC (MRON.L)

MRON.L on London Stock Exchange

230.10GBp
16 Jan 2018
Change (% chg)

-0.50 (-0.22%)
Prev Close
230.60
Open
231.50
Day's High
235.30
Day's Low
229.60
Volume
6,293,330
Avg. Vol
8,362,062
52-wk High
261.95
52-wk Low
194.46

Latest Key Developments (Source: Significant Developments)

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

Melrose Industries Starting Shareholder Meetings To Discuss Proposal For GKN​
Friday, 12 Jan 2018 

Jan 15 (Reuters) - Melrose Industries Plc ::‍MELROSE CONFIRMS THAT IT IS TODAY COMMENCING A SERIES OF SHAREHOLDER MEETINGS TO DISCUSS PROPOSAL FOR GKN​.- "‍MELROSE INTENDS TO SIGNIFICANTLY IMPROVE GKN'S BUSINESSES AS OPPOSED TO A HASTY BREAK UP​".  Full Article

GKN Rejects Buyout Proposal From Melrose, Appoints Anne Stevens As CEO
Friday, 12 Jan 2018 

Jan 12 (Reuters) - GKN Plc ::ANNOUNCES APPOINTMENT OF ANNE STEVENS AS CHIEF EXECUTIVE.‍CONFIRMS GROUP'S CURRENT TRADING​.OUTLINES A TRANSFORMATION PROGRAMME AND FUTURE GROUP STRUCTURE; AND REJECTS A PROPOSAL FROM MELROSE INDUSTRIES PLC.‍Q4 2017 TRADING WAS IN LINE WITH EXPECTATIONS AND GROUP THEREFORE CONTINUES TO EXPECT 2017 MANAGEMENT PROFIT BEFORE TAX((1)) TO BE SLIGHTLY AHEAD OF 2016​.‍GKN IS NOW CREATING DIFFERENTIATED PRODUCT SEGMENTS THAT WILL BE CLASSIFIED AS EITHER CORE OR NON-CORE​.CONFIRMS THAT ON 8 JANUARY 2018 IT RECEIVED A PRELIMINARY AND UNSOLICITED PROPOSAL FROM MELROSE TO ACQUIRE GKN.‍PROJECT BOOST IS A 2 YEAR PROGRAMME TO IMPROVE CASH AND PROFIT THAT WILL INCORPORATE ALL AREAS OF BUSINESS OPERATING SYSTEM INCLUDING CULTURE​.PROPOSAL AT A PRICE OF 405 PENCE PER SHARE, COMPRISING 80% IN NEW MELROSE SHARES AND 20% IN CASH.‍"PROPOSAL WOULD MATERIALLY DILUTE EXPOSURE OF GKN SHAREHOLDERS TO MEANINGFUL UPSIDE OPPORTUNITIES THAT BOARD BELIEVES ARE PRESENT WITHIN COMPANY"​.HAS CONSIDERED PROPOSAL TOGETHER WITH GLEACHER SHACKLOCK, J.P. MORGAN CAZENOVE AND UBS LIMITED, AND HAS UNANIMOUSLY REJECTED IT.  Full Article

Melrose Sees No Effect From U.S. Tax Change In FY 2017
Thursday, 4 Jan 2018 

Jan 4 (Reuters) - Melrose Industries Plc ::‍STATEMENT RE IMPACT OF US TAX LEGISLATION.‍MELROSE ANTICIPATES THAT THERE WILL BE NO EFFECT ON FINANCIAL YEAR TO 31 DECEMBER 2017​.‍FULL IMPLICATIONS OF THIS NEW US TAX LEGISLATION ON GROUP ARE STILL BEING REVIEWED​.US TAX CHANGES EXPECTED TO REDUCE EFFECTIVE TAX RATE FOR FY 18 TO ABOUT 24%.‍US TAX CHANGES EXPECTED TO ALSO "SIGNIFICANTLY" REDUCE AMOUNT OF US TAX PAYABLE ON ANY DISPOSAL FROM WITHIN NORTEK GROUP​​.  Full Article

Melrose Industries announces results of rights issue
Wednesday, 24 Aug 2016 

Melrose Industries Plc : Pleased to announce that, by latest time and date for receipt of valid acceptances it had received valid acceptances in respect of 1,689,589,213 ordinary shares of 48/7 pence each in capital of Melrose . Is expected that dealings in new Melrose shares will commence on london stock exchange's main market from 8.00 a.m.,24 august .Investec Bank Plc, J.P. Morgan securities plc and Merrill Lynch International shall severally use all reasonable endeavours to procure, by no later than 5.00 p.m. On 25 august 2016.  Full Article

Melrose to launch rights issue for Nortek deal
Monday, 8 Aug 2016 

Melrose Industries Plc - 'Window shop period' in respect of its takeover proposal for Nortek inc. ("nortek") expired without Nortek having received a superior proposal - All anti-trust conditions in relation to acquisition have been satisfied - Is taking necessary steps to implement rights issue - Expectation that crest accounts will be credited and nil paid rights will be admitted for trading tomorrow - Expected date for completion of acquisition is 31 august 2016:.  Full Article

Melrose receives final regulatory approval for Nortek offer
Friday, 15 Jul 2016 

Melrose Industries Plc : Final regulatory approvals received for melrose's tender offer for nortek .All anti-trust conditions in relation to tender offer have been satisfied..  Full Article

Nortek says upon termination of merger, co required to pay Melrose about $50 mln
Thursday, 7 Jul 2016 

Nortek :Upon termination of merger agreement,under specified circumstances,co required to pay melrose termination fee of about $50 million - sec filing.  Full Article

Melrose Industries says to buy Nortek Inc for $1.44 bln
Wednesday, 6 Jul 2016 

Melrose Industries Plc : Proposed recommended acquisition of Nortek Inc . Proposed recommended acquisition of Nortek Inc and fully underwritten 1.66 bln stg rights issue . Acquisition will be implemented principally by way of a cash tender offer to Nortek shareholders by Mergerco, a wholly owned subsidiary of Melrose, followed by a merger of Mergerco with and into Nortek . Offer price of $86 per Nortek share, net, in cash and without interest, values entire issued share capital of Nortek at $1.44 bln with an enterprise value of $2.81 bln . Proposed recommended acquisition of Nortek Inc .Offer price of $86 per Nortek share, net, in cash and without interest, values entire issued share capital of Nortek at $1.44 bln.  Full Article

Melrose says trading in line with expectations
Wednesday, 11 May 2016 

Melrose Industries Plc : Current trading in Melrose in 2016 is in line with expectations .Board continues to seek an acquisition which will create value for shareholders and it remains confident of finding right opportunity in due course.  Full Article