Thursday, 15 February 2018

GKN calls Melrose bid 'opportunistic'

GKN has written to shareholders describing a hostile takeover bid from turnaround specialist Melrose as "entirely opportunistic", while reiterating that the terms of the £7.4bn offer "fundamentally undervalue" the business.

"As you know, on 1st February 2018 Melrose made an offer for GKN which, on the basis of its latest share price, values your company at only 397p per share and leaves you with 57% of an enlarged Melrose," GKN said in the letter.

"It is your board's belief that this offer is entirely opportunistic and that the terms fundamentally undervalue GKN."

BBC      News.

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