Investors want a clear plan of action from GKN, as the board furiously dismisses Melrose’s offer to acquire the aerospace and engineering business.
Investors are watching anxiously after aerospace and engineering company GKN pushed back hard against a hostile takeover approach by engineering "turnaround" organisation Melrose.
GKN has hit out today at what it describes as a "fake premium" attached to the business by Melrose in yesterday’s £7bn cash and share offer. Its management has also criticised other statements made by Melrose, including the potential acquirer’s ability to manage such a vast business as GKN, and that GKN has failed to close off its main UK pensions scheme to future accrual in a timely fashion.
Investors, including Vulcan Value Partners and Elliott Advisors
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda