Elliott, which said it had an economic interest over 3.4percent of GKN shares, told GKN's management it did not trustthem to deliver the "profound" cultural shift needed to meet newtargets while driving through two deals.
Shareholders have until 1200 GMT on Thursday to support theoffer from turnaround specialist Melrose or the GKN managementplan to split off the group's auto business and combine it with
Investors are divided. Columbia Threadneedle, which also hasa 3.4 percent holding, threw its weight behind GKN's plan thisweek, joining top 30 investor Jupiter Asset Management's SteveDavies.
Elliott, which has joined Aviva Investors in backingMelrose, said in a letter to GKN's executives hostile takeoverbids often pressed management teams to come up with ideas thatin normal circumstances would be disregarded as "pure fantasy".
"GKN's track-record at improving its operating margins hasbeen unimpressive, yet your team nevertheless claims that it candeliver on its most ambitious plan ever, and that a fewpotentially qualified individuals can extract the company fromits torpor to deliver over a 35 percent increase inprofitability," Elliott wrote.
It also encouraged other shareholders to back Melrose.
On Friday, Melrose lifted a self-imposed deadline forapproval by the
Melrose said discussions with the two
A mainstay of
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(Reporting by Sarah YoungEditing by Keith Weir and Edmund Blair)