LONDON—GKN PLC, one of Britain’s oldest companies, has survived more than 250 years by constantly reinventing itself. On Friday, the car- and plane-parts maker unveiled its latest big shift—splitting up the business—as it disclosed that it had rejected an unsolicited $9.5 billion takeover approach. GKN said the offer, by British turnaround specialist Melrose Industries PLC, undervalued the company. Instead,...

Source: Wall Street Journal January 12, 2018 11:37 UTC