GKN rejects £7bn takeover bid

GKN has rejected an "entirely opportunistic" bid for the group by industrial investor Melrose. The proposal valued GKN at around £7bn, although 80% of the deal would have been paid in Melrose shares. GKN has also appointed Anne Stevens as its chief executive and confirmed plans to separate its aerospace and automotive businesses. Melrose's 405p-per-share offer was at a 24% premium to GKN's share price when the offer was made. GKN's shares shot up to around 400p when the markets opened in response to the takeover bid. Melrose... For the full story register now for free or login below...
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