Britain's GKN rejects Melrose $11.2 billion final offer

GKN which employs about 58,000 people including at this aerospace site in Portsmouth is bitterly opposed to Melrose’s hostile takeover attempt

GKN which employs about 58,000 people including at this aerospace site in Portsmouth is bitterly opposed to Melrose’s hostile takeover attempt

Mr Miller said: "We are nearing the end of the customary offer timetable and it is now time for you to decide".

The deadline for accepting the offer is 1pm on March 29.

In addition, the group is now offering 467 pence a share, as well as offering to give shareholders £1.4 billion in cash.

However, Aviva Investors, which holds stakes in both companies, said GKN shareholders should back Melrose's sweetened bid.

Melrose noted that its new offer represents a 43% premium to the 326.3 pence closing price of GKN on January 5, the day before its initial approach to GKN was announced.

GKN Chairman Mike Turner said: "The board believes that Melrose's revised offer continues to fundamentally undervalue GKN and has no hesitation in unanimously rejecting it".

Melrose shares lost 3.4 percent to 217 pence, dragging down the value of the bid to 447 pence.

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Melrose is not the right owner of GKN.

According to the FTSE 100 firm, the new bid does not reflect the value of GKN's "world class aerospace business" or the benefits of combining GKN Driveline and Dana Incorporated - GKN last week agreed to merge its auto parts business with the United States firm in a deal worth $6.1bn (£4.4bn).

Melrose argued on Monday that GKN's Dana deal was "ill-thought-through" and would face regulatory hurdles.

GKN, one of Britain's oldest engineering businesses, has been fighting off Melrose's advances since mid-January, when it rejected a £7.4bn bid.

Publishing its latest defence plan on Monday, GKN said that shareholders would be invested in a more profitable GKN Aerospace, plus have holdings in the merged GKN-Dana company. "Its management lacks relevant experience, and its short-term business model is inappropriate for GKN's customers and its".

GKN issued profits warnings late previous year following a hard period for its USA aerospace business - resulting in Melrose promising an operational and management overhaul of the company should its offer be accepted.

GKN has issued a statement saying it "notes the announcement made earlier today by Melrose Industries".

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