The engineering giant’s letter detailed shortcomings of Melrose’s £7.4 billion offer while highlighting the benefits of its new strategic plan. “The Melrose offer is not a good deal – it is low price and high risk,” the letter, signed by GKN chairman Mike Turner, said. GKN has written a letter to shareholders regarding the Melrose takeover bid (David Davies/PA)“On the basis of its most recent share price, Melrose claims its premium is 22%. “It is your board’s belief that this offer is entirely opportunistic and that the terms fundamentally undervalue GKN,” the letter explained. Commenting on GKN’s letter, Melrose chairman Christopher Miller said it was “another attempt to distract from the real issue”.

Source: Daily Mail February 15, 2018 08:15 UTC