Britain's GKN rejects Melrose $11.2 billion final offer
03:50, Mar 15, 2018
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
GKN has struck a $6.1 billion deal to merge its automotive business with USA company Dana Incorporated (DAN.N) in a move by the British engineer to fend off a hostile takeover by turnaround specialist Melrose Industries.
Melrose has increased how much GKN shareholders will own in Melrose after the deal by three percent - from 57 percent to 60 percent.
In a message to GKN shareholders, Melrose said the GKN board, in hiving off its automotive division to Dana, "is attempting a hasty fire-sale of GKN businesses before they have been given a chance to reach their potential and with damaging consequences, we believe, for all stakeholders".
In a notice to shareholders, it said that "the board continues to view the offer as entirely opportunistic and believes that its terms fundamentally undervalue GKN and its prospects".
FTSE 100-listed GKN said on Friday that it had agreed to combine its Driveline division with the Ohio-based maker of axles and driveshafts in a deal that gives GKN shareholders a 47.25 percent stake in the enlarged, USA -listed group.
In an open letter to GKN shareholders, Melrose said the Dana deal is floored as many investors won't be able to hold the shares being offered by Dana as part of the deal. Under the prior deal Melrose offered 1.49 Melrose shares in addition to the 81 pence in cash and dividend entitlement.
The FTSE 100 group's investors have until 13:00 GMT on March 29 to accept the current offer, which, Melrose noted, "will not be increased under any circumstances".
Melrose has kept the cash part of the deal the same but raised the equity part from 1.49 new Melrose shares. GKN shareholders will need to approve the merger, which means they will have to weigh its merits against a Melrose deal. It also forces GKN shareholders to accept shares in a U.S. firm which many would not be able to hold, and they also would have to pay tax on those Dana shares. Melrose's previous offer valued the engineering group at £7.3 billion.
Melrose is not the right owner of GKN.
Shares in Melrose were down 4.9 per cent at the time of writing, while GKN's stock was down more than two per cent.
It is not following up on any proposals because management remains focused on turning the business around, it said.
Dowtin had an off-balance 3-pointer with 19.3 seconds left to make it 87-81. "That's pretty good", Hawks coach Phil Martelli said. Points in the paint were controlled by Saint Joseph's, with 40 points, compared to Rhode Island's 28.
Michigan State may not be a top seed in the NCAA tournament , but the Spartans are among the most talented teams in the nation. The selection committee tells us all that time that everything matters, that games in November and December count.
I feel the lads are happy, disappointed, of course, but the quality and capacity of performance of the team was very good. Tottenham had a chance to tie the score in the 90th, but Harry Kane's header off a Ben Davies cross hit the post.
In fact, the relative of the patient is the one who used the leg to prop his head up because they couldn't find anything else. And an unlicensed doctor was arrested last month for allegedly infecting at least 46 people with HIV by re-using a syringe.
But Josina Anderson of ESPN reported that Sherman also has interest from the Titans, Lions, Raiders, Texans Bucs and Packers. He has said that he plans to be running at full speed some time next month and will be ready to play by training camp.
Along with Bradford, Teddy Bridgewater is also a free agent after spending eight weeks as the Vikings' No. 2 quarterback. Cousins plans to sign a three-year, $84 million deal Thursday with the Vikings, according to multiple reports .
The 32-year-old, who is 40-0 after Saturday's win, added: 'It's easy to see that they don't want this fight. Ortiz, who has held the interim WBA title, is deferential only in his usual approach to a fight.
In December 2016, there was speculation that the Galaxy S8 would have it (instead, it featured a fingerprint sensor on the back). Have you received the software update on your Galaxy S9? "Sell now and you'll get a better deal".
Following the culprit accepting the guilt, victim's wife hoped that this will send a strong message that hate is never acceptable. A 52-year-old Olathe man admitted Tuesday that he fatally shot a Garmin engineer from India last year at Austins Bar & Grill.
Sources told the NYT that McGahn had to remind Trump that he had asked for the special counsel to be sacked. McGahn II to deny what he had told Mueller's team - that the president had once asked him to fire Mueller .
Bengals make move for Bills tackle
The Bengals will also acquire a fifth-round pick from Buffalo and send a sixth-round pick to the Bills as part of the exchange. That potential trade became even more interesting on Monday as the NFL's legal tampering period opened.
Philips Hue Outdoor Lighting Products Coming This Summer
Choose a light color to suit your mood, highlight your walkway or patio, and set the tone for your outdoor activities. The Lily spotlights will start at $279.99/€299 for a three pack, while the Calla pathway lighting is $129.99/€139.99.
What to expect from the 'American Idol' premiere
Which is amusing , because I'm betting at least some of those people learned that style from watching the original American Idol . Cute little viral "moments" may inspire short-term chatter, but compelling, magical stories are what make shows like this matter.
Construction sees best month of job growth since March 2007
The January year-over-year wage increase originally was reported as 2.9 percent, an uptick that fueled fears of higher inflation. Franchise employment rose by 24,700 jobs in February, including 1,500 in auto parts and dealers, according to ADP.
"Sopranos" prequel film in the works
New Line is developing the project titled The Many Saints of Newark which will be penned by David Chase . If you counted yourself a fan of The Sopranos between 1999 and 2007, this will come as welcome news.
Living under bombardment in Eastern Ghouta
The An-26 jet crashed just 1,600ft (500m) from the runway as it was descending to land at the air base. It said the plane did not come under fire and that the crash was likely caused by a technical failure.
Rita Moreno wears same dress she wore in 1962 to 2018 Oscars
She sported some seriously chic elbow-length black gloves, oversized black-and-gold earrings, and a stunning collar necklace. The dress Rita Moreno wore to accept her best-supporting-actress Oscar in 1962 had another go-round on the red carpet.
Slovakians rally after a journalist was murdered
He has also regularly attacked journalists in the past, calling them "dirty, anti-Slovak whores" and "slimy snakes". Other commemorative gatherings are planned in two dozen cities overseas , including London, Paris and Brussels.