LONDON, March 19 (Reuters) - Columbia Threadneedle, a top 10shareholder in GKN, plans to reject a takeover offer forthe British engineering company from industrial turnaroundspecialist Melrose.
"After careful consideration, we believe the actions set outby the new team at GKN present the best options forshareholders. Accordingly, we are not accepting the Melroseoffer," Richard Colwell, Head of UK Equities at ColumbiaThreadneedle, said in a statement emailed on Monday.
GKN's management team has presented an alternative plan toMelrose's hostile takeover offer, which would involve it mergingits auto arm with U.S. firm Dana Incorporated, leavingGKN an aerospace-focused business.(Reporting by Sarah Young and Ben Martin; editing by KateHolton)