© GKN Electronics Production | March 05, 2018
Melrose looking to acquire GKN
Last month, investment company Melrose Industries made an unsolicited offer to acquire the entire issued and to be issued share capital of GKN.
The investment company offered 1.49 new Melrose shares and GBP 0.81 in cash per share. An offer which the board of GKN views as entirely opportunistic and fundamentally undervalues GKN and its prospects. In a statement regarding the offer GKN states that the company has strong businesses which offer considerable upside potential – and that by rejecting the offer, shareholders will see 100% of the value created; with Melrose they will lose over 40% of this upside. “Melrose is not the right owner for GKN. It lacks experience in relevant high technology businesses and of investing for the long-term. GKN is a much larger and more complex business than anything acquired by Melrose in the past. In addition, Melrose has very limited experience at Board level of managing Tier 1 Aerospace and Automotive suppliers,” the statement reads. The board unanimously recommends that GKN shareholders reject the Offer and take no action. Anne Stevens, Chief Executive, GKN, said in the statement that; “This Offer is derisory. Melrose is trying to buy GKN on the cheap and with GKN’s own money, just at the point when our company is beginning to reap the benefits of its long-term investments.”
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