Melrose had on Monday said it would inject about 1 billionpounds (
Shareholders have until March 29 to choose whether to acceptMelrose's offer or back GKN's management, which wants to splitoff the group's auto unit and combine it with
GKN on Tuesday sought to highlight the merits of its planfor pensioners, calling comments made by Melrose on Monday"misleading", as part of an ongoing war of words between thepair.
"GKN has a clear and comprehensive plan to reduce itspension liabilities and eliminate the deficit in its
"We have a binding agreement with the Trustees which worksfor all stakeholders: the scheme members, the Trustees and thecompany and its shareholders."
The fate of deficit-ridden pension schemes during changes ofownership have been in focus in
Some lawmakers have voiced concern that the GKN scheme wouldbe weakened by the Melrose's bid, prompting Melrose to make the1 billion pound pledge over its ownership period, a hugeincrease on its previous plan to add 150 million pounds.
(Reporting by Sarah Young, Editing by Paul Sandle and KateHolton)