GKN Rejects Melrose's Offer; Maintaining FVE
GKN shares are up 26% despite the firm having rejected Melrose’s proposal, which included a 24% premium on GKN shares but with a disproportionate mix of stock (80%) versus cash in the offer. GKN’s margins have been under pressure, and Melrose’s proposal letter highlighted the potential for synergies that could bring GKN’s trading margin up to previous levels articulated by GKN’s former management. GKN also confirmed that Anne Stevens, who has been serving as the interim CEO, will become the perm...GKN plc is a global engineering company. The Company is engaged in the design, manufacture and service of systems and components for original equipment manufacturers. The Company operates in four segments: GKN Aerospace, GKN Driveline, GKN Powder Metallurgy and GKN Land Systems. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Powder Metallurgy segment is a manufacturer of sintered components and a producer of metal powder. The GKN Land Systems segment is a supplier of power management products and services. It designs, manufactures and supplies products and services for the agricultural, construction and utility vehicle markets and industrial segments.
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