Melrose's bid for GKN receives majority shareholders' acceptance and backing of GKN's board.
Melrose Industries has bid for control of narrow-moat GKN, having secured 52% of the voting rights on March 29, 2018. GKN shareholders will receive GBX 81 in cash and 1.49 Melrose shares for each GKN share. After losing the battle for control, the board of GKN no longer classifies Melrose’s offer as unsolicited and recommends shareholders accept the offer. Although we dislike the disproportionate mix of stock (82%) versus cash in the offer, at current share price levels, the deal value implies a...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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