UK firm offers to return £700m to investors if they back plan to merge auto business and keep aerospace
UK engineering company GKN, which is battling a hostile £7.8bn bid from turnaround specialist Melrose, sought to persuade shareholders to back an alternative deal with Dana by saying it would receive more cash from the US company and would return £700m to shareholders as soon as possible. GKN share price was slightly up on the news, rising by 0.16% to 429.7p in early morning trade.
Investors have to decide by Thursday noon whether to support the offer from Melrose or the GKN management plan to spin off its automotive business and merge it with the US-based Dana, leaving GKN focused on aerospace.
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