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GKN shares skyrocket after it thwarts £7bn takeover
13 January 2018, 12:53 | Kelvin Horton
GKN - Offer rejected, Automotive and Aerospace to separate
Engineering company GKN is long established in the United Kingdom and internationally with aerospace and automotive operations.
The automotive and aerospace parts manufacturer confirmed in an update on Friday that it had received a "preliminary and unsolicited proposal from Melrose" on 8 January worth 405p per share, a 24% premium to its closing price on 5 January of 326p.
The firm itself undertook a "wide-ranging review" of its business a year ago, as profit margins and cash generation were stuck "below expectations".
A surge in the shares of GKN has helped drive the FTSE 100 to a new all-time high afer the troubled engineering group rejected a takeover approach from rival Melrose.
The bid was rejected, but GKN promptly admitted that it would now start the process of a demerger.
The Board of GKN has considered the Proposal together with its financial advisers, Gleacher Shacklock, J.P. Morgan Cazenove and UBS Limited, and has unanimously rejected it, having concluded that the Proposal is entirely opportunistic and that the terms fundamentally undervalue the Company and its prospects.
'The separation of the automotive and aerospace units has been on the cards for years, with little obvious cross over between the two businesses, ' he said. The company was founded and floated on the stock market in 2003 as a cash shell by three businessmen, Christopher Miller, David Roper and Simon Peckham, who put about £3m into the business.
The union urged shareholders to hold firm, warning that the bid was not in the long-term interest of GKN and could result in the company's assets being stripped. "I am relishing the challenge of delivering that potential with a new group-wide improvement programme underway".
While that plan does not yet entail a full separate listing, it could make one possible in the future.
Simpson Thacher is representing manufacturing turnaround specialist Melrose, with London M&A partners Adam Signy and Ben Spiers leading its team.
It said: "The board will communicate further details on the optimal method of separation in due course".
Snow-melting rain, flooding and fog forecast for Friday
Anderson said her daughter, who lives a little further north of East Brady, had water in her basement until the ice jam gave way. According to the advisory, the local fire department reported an ice jam on the Rocky River in the city of Rocky River.
Knoxville Man Named in The 'Top Ten Most Wanted' List
Police recovered Wilson's vehicle and are now searching for Wilson himself, whom they describe as "armed and extremely unsafe ". KPD said if Wilson isn't apprehended by Friday morning, they're considering putting out what is known as a Blue Alert .
Helicopter with seven onboard goes missing from Mumbai
It was scheduled to land at ONGC's North Field oil rig at 10.58 am, but did not, The Indian Express reported. Ahelicopter carrying seven people, including five ONGC employees , crashed off Mumbai's coast on Saturday.
Jacksonville Vs. Pittsburgh: The Rematch
The Jaguars come into the game as the AFC South champions at 10-6 and are the No. 4 seed in the conference. Look for Bell to garner close to 30 total touches as the Steelers look to win the game in the trenches.
All kinds of winter weather to hit Capital Region
Scattered snow will continue to fall through Friday afternoon and should exit our eastern counties that evening. Winona reported 3.5 inches of snow while Peterson in Fillmore County had 3.4 inches early Thursday afternoon.