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Dana ups cash offer in hotly contested fight for Britain's GKN

Mon, 26th Mar 2018 07:22

LONDON, March 26 (Reuters) - Auto components maker Dana Incsaid on Monday it had agreed to increase its offer forGKN's Driveline business by $140 million in cash as itstepped up its efforts to fight off rival suitor Melrose.

Shareholders have until March 29 to choose Melrose's offerfor the whole company, or back a plan from GKN's management tosplit off the group's auto business and combine it withU.S.-based Dana Incorporated, leaving GKN focused on aerospaceparts.

GKN said under the new proposal it would now receive $1.77billion in cash after deducting $1.0 billion for the transfer ofpension deficit to the combined Dana-GKN Driveline group. Italso plans to return up to 700 million pounds of cash toshareholders as soon as possible.(Reporting by Kate Holton; editing by Guy Faulconbridge)

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2 Apr 2012 08:02

Daniel Stewart turns a profit

Stockbroker Daniel Stewart had a decent second half to its financial year, turning a half-year loss into a full-year profit. Overall trading conditions in the UK small and mid-cap markets remain challenging, however, and the brokerage industry has experienced a period of consolidation as firms look

27 Mar 2012 11:41

Small caps round-up: Hydro, Pursuit, Mission Marketing...

Lo-Q, a provider of virtual queuing systems, has reported that its operational momentum has continued in to the first half of the current year. The company has earned considerable new business, particularly for its waterpark product, Q-band. Exisiting business has also performed well, with the compa

22 Dec 2011 09:01

Daniel Stewart down on weak half year

Stockbroker Daniel Stewart has fallen sharply in morning trading after revealing a post-tax loss for the six months to the end of December. The company, which publishes investment research and organises public offerings, said the second quarter "proved to be particularly slow" and described market

30 Aug 2011 17:19

Glencore non-exec buys first shares

Non-executive director Peter Coates has opened his account in Glencore, spending £320,000 on shares in the Swiss commodity trading house. He took 82,700 shares at 387.2p a time and has already banked a tidy profit, with the shares closing just short of 400p today. Coates is the chairman of Austral

30 Aug 2011 12:14

Daniel Stewart recovering well

Stockbrokers Daniel Stewart Securities has reported strong results for the fiscal year, which showed the company is recovering well, despite difficult market conditions. Revenue for the year was significantly up from £3.53m last year to £7.62m resulting in a gross profit of £8.14m (2010: £3.59m).

21 Mar 2011 16:49

Return to profit for Daniel Stewart

Stockbroker Daniel Stewart has seen a big lift in revenues in the current financial year and expects its top line figure to hit at least £8m in the year to March 31, up from £3.5m the year before. The company is set to return to the black with net profit after tax and share based payments of more t

1 Feb 2011 16:52

Tyler sells Experian shares

Experian non-executive David Tyler has raised £386,000 from selling shares in the credit checking company. Tyler was finance director of GUS before it was split into Home Retail Group and Experian, where he became a non-executive director in July 2006 - three months before it floated at 560p a sha

6 Jan 2011 17:32

Three Encore directors cut stakes by 20%

Three directors of the UK-based oil and gas group Encore Oil have sold more than 4m shares collectively in a sale that reduced their stakes by around 20%. Chief executive Alan Booth sold 1.55m shares at 143p each to net £2.2m. Eugene Whyms, finance director, sold 1.5m shares at 142p each to generat

22 Jul 2010 16:39

London close: Footsie back above 5,300

London rose again to climb above 5,300 and close at its highest for over two months. A strong start on Wall Street got the afternoon session off to a good start, with buyers staying interested right to the end of the trading day. Rolls-Royce was best performer, on the back of the orders placed at t

22 Jul 2010 14:28

London afternoon: Advance stalls

Shares moved sideways over the lunch-time session with investors keeping their powder dry ahead of day two of US Federal Reserve Chairman Ben Bernanke's testimony in the US Senate. Yesterday the Fed chairman's downbeat comments stopped a Wall Street rise in its tracks. Outsourcing giant Capita is s

22 Jul 2010 12:11

London midday: Morning ends on a high

Better than expected UK retail sales gave equities a mid-morning boost and the FTSE 100 index finished the morning session close to its highest point of the day so far. Britons building up supplies for last month's World Cup, the good weather and further discounting had retail sales up smartly in J

22 Jul 2010 09:38

Daniel Stewart rubbishes cash call talk

Stockbroker Daniel Stewart has dismissed rumours that it is looking to raise more money. "Daniel Stewart would like to clarify that contrary to press speculation the company is not trying to raise new funds," read a statement Thursday. It recently strengthened the balance sheet with a £1.5m cash i

22 Jul 2010 08:41

Daniel Stewart Securities Not Planning Fund Raising >DAN.LN

LONDON (Dow Jones)--Daniel Stewart Securities PLC (DAN.LN), stockbroker and corporate finance adviser to smaller and medium-sized companies, said Thursday it isn't trying to raise new funds, adding that it continues to focus on international expansion which helped underpin a turnaround during the fi

29 Jun 2010 09:19

Brainspark Exercises Option To Buy 75M Daniel Stewart Shares

LONDON (Dow Jones)--Brainspark PLC (BSP.LN), an international investment company, said Tuesday it has exercised an option to purchase 75,000,000 new ordinary shares in Daniel Stewart Securities PLC (DAN.LN) at a price of 2 pence per share. MAIN FACTS: -Following the exercise of the Option, B

6 Jan 2010 14:58

Shea takes Daniel Stewart stake to 15%

Peter Shea has added to his holding in broker Daniel Stewart Securities. Shea is chief executive of the broker and this is his first transaction in the shares since early September before a link up with Cairo-based Prime Group was announced. Middle East investment bank Prime was going to invest £2

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Dana ups cash offer in hotly contested fight for Britain's GKN

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