GKN PLC (GKN.L)
18 Jan 2018
A sharp rise in both companies' share prices shows the merit of Melrose's bid for engineer GKN , the turnaround specialist said on Thursday, seeking to win over GKN investors to its hostile 7.4 billion pound ($10.3 billion) offer.
* Cash ands shares bid currently worth 7.4 bln stg (Recasts with Melrose statement, shares, fund stakes)
BRIEF-Melrose CEO Says Believes GKN Shareholders Best Placed To Judge Which Management Team Is Better Equipped
* "REAL PREMIUM FOR GKN SHAREHOLDERS IS REFLECTED IN CURRENT SHARE PRICES OF GKN, MELROSE, WHICH HAVE RISEN SUBSTANTIALLY SINCE ANNOUNCEMENT OF APPROACH BY GKN"
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Jan 18 GKN called Melrose's unsolicited offer statement "misleading", a day after it swiftly rejected the turnaround specialist's 7.4 billion pound ($10.2 billion) hostile offer for the British engineering company. "GKN's Board considers 32 percent to be a fake premium. Melrose's market capitalisation on 5 January was significantly smaller than GKN's on the same day ... and Melrose brings no industrial synergies," it said on Thursday.
* Melrose sweetens GKN offer (Adds detail and graphic, updates prices at close)
LONDON Turnaround specialist Melrose raised the pressure on GKN by turning hostile in its pursuit of the British engineering company, making a firm 7.4 billion pound ($10.2 billion) offer for the business after meeting its shareholders.
* GKN shares rise above latest offer price (Adds details, updates shares)
British engineering company GKN on Wednesday rejected a 7.4 billion pound ($10.2 billion) cash-and-stock takeover offer from turnaround specialists Melrose .
Jan 17 British engineering company GKN on Wednesday rejected a 7.4 billion pound ($10.2 billion) cash-and-stock takeover offer from turnaround specialists Melrose.