Industrial turnaround specialist Melrose (MRO) has won the bitter bid battle for UK aero and auto engineer GKN (GKN).
In a statement released at 4pm on Thursday Melrose revealed that it had won the support of approximately 52.43% of GKN investors for its proposed £8.1bn cash and shares offer.
‘We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over £10bn and a tremendous future,’ said Melrose chairman Christopher Miller.
‘Let me assure you that GKN is entering into very good hands.’
GKN has been at the centre of a bitter and hostile takeover fight for several weeks but today’s vote ends 260 years of independence for the FTSE 100 company.
GKN shares rallied 8.5% on the news to 459.8p, closing the valuation gap on the implied 460.7p per share that Melrose was offering.
Melrose shares are also up, around 3% at 230p.
