Couple of interesting RNS this morning. GKN (LON:GKN) trading statement with a rebuttal of an unsolicited cash and shares offer by specialist engineering restructurer Melrose Industries (LON:MRO) valuing GKN (LON:GKN) at 405p followed by a confirmation from Melrose Industries (LON:MRO) of their interest.

Noteworthy that both shares have gone up (increasing the value of the Melrose Industries (LON:MRO) paper in the offer to GKN (LON:GKN) shareholders). Also, it’s a big bite for Melrose Industries (LON:MRO) and will give GKN shareholders a majority 57% in the new company. Doesn’t look to be a knock out bid at this stage so may see the ante increased and/or another bidder coming to the party.

(I hold Melrose Industries (LON:MRO) shares).


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