Home Business NewsBusiness Fate of GKN to be decided today as votes are cast

Fate of GKN to be decided today as votes are cast

29th Mar 18 8:49 am

Deadline day

The three-month battle for GKN will be decided today when the deadline for shareholders to accept Melrose Industries’ £8bn hostile bid expires. Investors in the engineering giant had until 1200 GMT today to cast their ballots.

Melrose needs a majority of 50.1 per cent to win the day.

The UK-based industrial turnaround specialist is seeking to buy a much bigger firm, has set the acceptance level for its bid at 50 per cent plus one share.

Failure of the offer would pave the way for GKN to press ahead with an alternative deal it struck with US firm Dana earlier this month as part of its defence against Melrose’s hostile approach.

GKN has roots going back to the Industrial Revolution and this would be one of the most closely-contested takeover fights in Britain for years.

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]