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GKN rejects proposal from Melrose

StockMarketWire.com

GKN has rejected a preliminary and unsolicited proposal from Melrose Industries and described it as 'entirely opportunistic'

The 405p per share proposal - which was received on 8 Jan - comprised 80% in new Melrose shares and 20% in cash.

GKN said the board considered the proposal together with its financial advisers, Gleacher Shacklock, J.P. Morgan Cazenove and UBS, and had unanimously rejected it, having concluded that it was entirely opportunistic and fundamentally undervalued the company and its prospects.

GKN said that in addition, the proposal would materially dilute the exposure of shareholders to the meaningful upside opportunities that the board believed were present within the company.

GKN also announced that interim chief executive Anne Stevens had agreed to become the group's new CEO with immediate effect.

Chairman, Mike Turner said: 'The Board believes that Anne Stevens has the track record to transform GKN.

'After a successful turnaround of The Ford Motor Company's businesses in Mexico, Canada and South America, she was appointed as chief operating officer for the Americas where she developed the transformation plan for Ford's US business.

'Subsequently, Anne became chairman, CEO and president of Carpenter Technology.

'She was a non-executive director of Lockheed Martin from 2002 until she stepped down at the end of 2017 to take up her executive role at GKN.

'Her operational and strategic skills are ideally suited to GKN and the Board is very impressed with the contribution she has made so far in setting out plans for a significant improvement in the group's performance.'

GKN said Q4 trading was in line with forecasts and the group continues to expect 2017 management profit before tax to be slightly ahead of 2016 (which was £678 million) before the additional working capital write-off in North American Aerospace announced on 16 November 2017.



At 8:13am: (LON:GKN) GKN PLC share price was +68.85p at 401.55p


Story provided by StockMarketWire.com