In one of the most tightly fought corporate battles foryears, shareholders have until March 29 to choose Melrose'soffer for the whole company, or back GKN's plan to split off thegroup's auto business and combine it with Dana, leaving GKNfocused on aerospace parts.
GKN said it would now receive
"We believe that the true value of GKN is over 5 pounds pershare and that Melrose's final offer fundamentally undervaluesyour company and should be rejected," Chairman Mike Turner said.
The Melrose offer values GKN at
In a separate statement, GKN management was forced toretract comments they had made in the Sunday newspapers, sayingthey thought shareholders would back their plan, after they saidthey had not been verified.(Reporting by Kate Holton; editing by Guy Faulconbridge)