Melrose overcomes early hurdle in bid to secure £1.1bn US deal

MELROSE Industries, the Warwickshire-based turnaround specialist, has overcome an important early hurdle in its bid to complete the £1.1bn acquisition of a US company.

Melrose revealed earlier this month that it had reached an agreement with Nortek Inc. on a cash deal which values the business at £1,101m ($1,436m). It will see Melrose acquire the entire issued share capital of the company.

Melrose has said the deal represents a significant opportunity to enhance value.

In a statement to the markets today, Melrose said: “The board of Melrose Industries is pleased to announce that, with regards to the proposed acquisition of Nortek, the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act was granted by the regulatory authority in the United States on July 13, 2016.

“Accordingly, all anti-trust conditions in relation to the tender offer have been satisfied.”