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UPDATE 1-Melrose shareholders and EU approve $9.7 bln bid for GKN

Thu, 08th Mar 2018 15:01

By Ben Martin and Noor Zainab Hussain

March 8 (Reuters) - Melrose Industries' 7 billionpound ($9.7 billion) hostile bid for engineering group GKNgot a green light from its shareholders and the EuropeanUnion on Thursday as its takeover attempt enters a criticalstage.

British industrial turnaround specialist Melrose said 98.5percent of shareholders that voted had approved the proposeddeal and a plan to issue shares to help finance it, while theEuropean Commission has given anti-trust clearance.

A spokesman for GKN, which supplies parts for the Black Hawkmilitary helicopter and Eurofighter Typhoon, declined comment.

Melrose took its cash-and-share bid directly to GKNinvestors after the board of the FTSE 100 aerospace andautomotive parts group rejected its unsolicited approach inJanuary.

Since then, Melrose's approach for GKN, a mainstay of theUK's engineering sector, has drawn intense scrutiny from Britishpoliticians amid concerns a takeover puts jobs and GKN's pensionscheme at risk, and could compromise national security.

The battle could intensify in the coming days as under thebid timetable, March 12 is the final day on which GKN canrelease new financial information to defend itself.

The next milestone is March 19, which is the deadline forMelrose to improve its bid. So far, it has only made one offer.

Melrose's takeover attempt is complicated by talks GKN isholding with Dana Incorporated about a potential sale ofits auto business. If it agrees a sale to Dana, it could forceMelrose to lift is bid.

GKN said earlier on Thursday that under its currentturnaround plan, which does not assume a sale to Dana, itexpects to generate a recurring annual cash benefit of 153million pounds from the auto division through costs savings andother improvements by the end of 2020.($1 = 0.7207 pounds)($1 = 0.7206 pounds)(Reporting by Ben Martin in London and Noor Zainab Hussain inBengaluru; editing by Jason Neely and Alexander Smith)

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24 Apr 2018 09:45

Melrose Reports Weak Start To Year For GKN As Quarterly Profit Drops

LONDON (Alliance News) - Melrose Industries PLC on Tuesday said recent prize GKN PLC's performance in the first quarter of the year was below expectations, with operating profit falling FTSE -

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24 Apr 2018 07:40

LONDON MARKET PRE-OPEN: Strong Quarter From St James's Place And LSE

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19 Apr 2018 10:09

Melrose Offer For GKN Now Unconditional, Directors Take Charge

LONDON (Alliance News) - FTSE 250-listed Melrose Industries PLC on Thursday said its offer for GKN PLC is now unconditional, as its directors join GKN's board in place of its old industrial it

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18 Apr 2018 17:17

Melrose Industries Receives Valid Acceptances For 85% Of GKN Shares

LONDON (Alliance News) - FTSE 250-listed Melrose Industries PLC on Wednesday said that it received valid acceptances representing about 85% of the voting rights of engineer GKN PLC.Earlier

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4 Apr 2018 14:39

Moody's Places GKN Rating Under Review For Downgrade After Melrose Bid

LONDON (Alliance News) - Moody's Investors Service on Wednesday put the Baa3 senior unsecured debt and programme ratings for GKN PLC under review for a potential in the at

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3 Apr 2018 15:08

Bank of America Increases Holding In GKN To 14% After Transaction (ALLISS)

LONDON (Alliance News) - GKN PLC said on Tuesday that Bank of America Corp upped its stake in FTSE-100 listed engineering company in transaction last Tuesday.Bank of to

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29 Mar 2018 20:02

ANALYSIS-Melrose’s "Project Golf" bid for GKN beats engineer’s “Damson” defence

* Melrose first contacted GKN’s brokers about bid on January 5 * Both sides only met once during three-month battle * GKN investors narrowly back Ben March 29 -

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29 Mar 2018 17:51

BRIEF-UK Govt Has "Statutory Responsibility" To Consider Whether GKN-Melrose Merger Gives Rise To Public Interest Concerns - Business Secretary??

March 29 (Reuters) - UK Business Secretary Greg Clark: * "DURING BID, MELROSE MADE COMMITMENTS WHICH THEY ARE BOUND TO HONOUR INCLUDING INVESTMENT IN RESEARCH AND

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29 Mar 2018 17:46

UPDATE: Dana Says Deal With GKN Driveline "Unlikely" After Melrose Win

LONDON (Alliance News) - US engineer Dana Inc late Thursday acknowledged the decision by GKN PLC's shareholders to accept the GBP8.4 billion bid by Melrose

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29 Mar 2018 17:17

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29 Mar 2018 17:13

UPDATE: GKN Board Accepts Defeat And Recommends Melrose's Takeover Bid

LONDON (Alliance News) - GKN PLC's board on Thursday accepted defeat and asked shareholders of the company to accept the GBP8.4 billion takeover bid made by

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29 Mar 2018 17:05

UPDATE 1-Britain's FTSE posts worst quarter since 2011

* FTSE 100 up 0.17 percent on the day * FTSE ends first quarter with 8.2 percent loss * GKN surges after Melrose bid acceptance (Adds closing prices) By Kit Rees and Julien 29

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29 Mar 2018 16:52

UPDATE 1-Britain shrugs off Brexit to enjoy boom in dealmaking

By Ben Martin LONDON, March 29 (Reuters) - British companies have been swept up in a global boom in dealmaking that has seen the amount of M&A involving firms hit a

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29 Mar 2018 16:28

UPDATE 1-Melrose wins UK engineer GKN with $11 bln hostile bid

By Ben Martin LONDON, March 29 (Reuters) - Melrose Industries has narrowly clinched an 8 billion-pound ($11 billion) takeover of British engineer GKN, a

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