Source - SMW
Melrose Industries went hostile in its £7.4bn takeover offer for engineering group GKN after meeting with the target's shareholders.

GKN shareholders would be offered 1.49 new Melrose Shares and 81p in cash for each GKN share.

The offer now valued the shares at 430.1p, up from a previous value of 405p, Melrose said

"Since our approach was announced, the Melrose share price has risen as the market digests the attractive opportunity our proposal represents," Melrose chief executive Simon Peckham said.

"As a result the implied premium has grown from approximately 24% to approximately 32% since our approach."

"However, the real value uplift will come from merging the interests of the two sets of shareholders and creating a business valued at approximately £11 billion today, of which GKN holders will own the majority, including Nortek, our US business which is trading strongly."




At 8:48am:

(LON:GKN) GKN PLC share price was +5.75p at 447.75p

(LON:MRO) Melrose PLC share price was -1.8p at 232.5p