Melrose ups GKN bid to £8.1bn in 'final offer'

GKN which employs about 58,000 people including at this aerospace site in Portsmouth is bitterly opposed to Melrose’s hostile takeover attempt

GKN, which has been battling to see off Melrose's hostile bid, announced on Friday that it had reached an agreement to merge part of its business with US-based auto parts firm Dana for $6.1bn (£4.4bn).

Melrose has increased its takeover offer for United Kingdom engineering giant GKN to £8.1bn, the turnaround specialist confirmed.

"GKN directors will do the same in respect of their own beneficial shareholdings". GKN shares were 2.5%% higher at 446p in early trading on the FTSE 100 - changing hands below the raised takeover price.

Last week, GKN, which specialises in making auto and plane components, announced a $6.1bn deal to merge its vehicle parts business with Dana Incorporate, an American company.

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Shareholders have until March 29 to accept the offer, and thwart what it called a "hasty fire-sale" of GKN's businesses that would be a "bad deal".

GKN in a separate statement on Monday said that its board "continues to view the offer as entirely opportunistic and believes that its terms fundamentally undervalue GKN and its prospects".

GKN argues its strategy offers investors superior value - at a time when regulators and MPs take a keen interest in what the Melrose offer might mean for GKN and its employees.

It said its "final offer" for the company was equal to 467p per share and would give GKN shareholders a 60pc stake in Melrose.

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