Slightly larger shareholder base has come out so far in favour of hostile bid than backs GKN board
GKN shareholder Elliott Advisors has said it backs a £7.8bn bid by Melrose for the British engineering firm, as the clock ticks down to next week’s deadline for investors to decide on the hostile takeover bid.
Elliott, which has a 3.8% shareholding, told GKN’s management it did not trust it to deliver the “profound cultural shift” needed to meet new targets while driving through two deals. The move means that just under 10% of GKN’s shareholder base has come out in favour of the hostile bid, neck-and-neck with the 9% backing GKN’s board.
GKN is a global engineering business based in Redditch, Worcestershire. It employs nearly 60,000 people across 30 countries.
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