Westminster Hall Thursday 15 March 2018, 3.00pm Debate sponsored by Adrian Bailey MPJump to full report >>
On 12 January 2018, GKN’s Board announced that it had received a proposal from Melrose to acquire GKN, four days earlier.
Under the terms of the Proposal, GKN shareholders would hold approximately 57% of the enlarged company and Melrose shareholders would hold 43%.
GKN’s Board unanimously rejected Melrose’s proposal, ‘having concluded that the Proposal is entirely opportunistic and that the terms fundamentally undervalue the Company and its prospects.’
Subsequently, on 12 March 2018, Melrose increased its final offer, offering GKN shareholders to own 60% of Melrose, valuing GKN at 467 pence per share, or £8.1 billion in total. The final offer too was rejected by the Board of GKN.
Unless an extension is granted by the Takeover Panel, the last business day on which GKN shareholders can accept the Melrose Offer is 29 March 2018.
Commons Debate packs CDP-2018-0070
Author: Federico Mor