Sign up Australia
Proactive Investors - Run By Investors For Investors

Melrose to cancel GKN's shares in London after winning takeover battle

Melrose received acceptances for its offer from shareholders who hold about 81.8% of GKN on Monday
GKN shareholders narrowly approved Melrose's hostile takeover bid in March

Melrose Industries PLC (LON:MRO) is set to cancel GKN PLC’s (LON:GKN) shares in London after shareholders approved its hostile takeover of the aerospace and automotive engineer.

The turnaround specialist said it received acceptances for its offer from shareholders who hold about 81.8% of GKN on Monday.

READ: Melrose declares narrow victory in bitter battle to takeover GKN with acceptances of 52.43%

It expects the share cancellation to take place around May 21 after the offer has been declared wholly unconditional by April 19.

READ: Government reviews Melrose's hostile takeover of GKN amid calls to block deal

In March, Melrose won its takeover battle for GKN after receiving acceptances from 52.3% of the engineer’s shareholders.

The government is now reviewing whether the deal raises security concerns, given GKN's work with the UK Ministry of Defence.

In early afternoon trading, GKN shares were 2.6% higher at 461.9p.

 -- Adds share price --

View full GKN profile View Profile

GKN Timeline

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use