Melrose Raises Offer for GKN to $11.2 Billion to Sway Investors

The takeover attempt has hastened a plan by GKN to break itself

Investor company Melrose has issued a "final offer" as part of its hostile bid to take control of GKN.

It said that all recent attempts to engage in constructive discussions have been refused by the GKN board and that a proposed tie-up between GKN and Dana is "in our view, a bad deal for other stakeholders".

FTSE 100-listed GKN said on Friday that it had agreed to combine its Driveline division with the Ohio-based maker of axles and driveshafts in a deal that gives GKN shareholders a 47.25 percent stake in the enlarged, USA -listed group.

GKN refuted the 467.00p per share value of the offer, saying it is actually 460.70p.

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Mr Miller added: "In the interests of decisively resolving the future of GKN, we are pleased to set out the terms of an increased and final offer which would give GKN Shareholders 60% of the enlarged group and £1.4bn in cash".

"Private UK shareholders should also be aware that they would be liable to income tax on the value of any new Dana shares they receive".

"We might need to revisit our offer, I think that's what the market is telling us", a source close to Melrose said.According to United Kingdom rules, Melrose has until March 19 to improve its bid.

GKN, one of Britain's oldest engineering businesses, has been fighting off Melrose's advances since mid-January, when it rejected a £7.4bn bid. GKN shareholders will need to approve the merger, which means they will have to weigh its merits against a Melrose deal.

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In a letter to GKN shareholders, Christopher Miller, chairman of Melrose, told shareholders "it is now time for you to decide".

That will include considering whether they want to hold a stake in New York-listed Dana or London-listed Melrose. The dividend included in Melrose's offer, it said, has already been earned by GKN shareholders.

Melrose shares lost 3.4 percent to 217 pence, dragging down the value of the bid to 447 pence.

GKN shares were down 2.7% on Monday afternoon at 423.50p, and Melrose shares were down 5.5% at 212.50p.

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"We are more convinced than ever that the Melrose team, who have decades of experience in successfully transforming businesses, are the only real choice of team to re-energise and re-focus GKN to unlock its full potential", Melrose said in its statement.

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