Melrose Industries has sweetened its hostile takeover offer for GKN, valuing the British engineering group at £8.1 billion.
In a letter to GKN shareholders, Melrose chairman Christopher Miller criticised its takeover target's management team for refusing to hold discussions over the offer and slammed recent moves by GKN to sell its Driveline business. It has offered to give back £2.5bn to shareholders and agreed to merge its vehicle unit with United States company Dana.
S. company Dana Incorporate, offering GKN shareholders a 47.25 percent stake in the enlarged, U.
As of 08:11 GMT, GKN's share price had added 1.75 percent to 442.70p, outperforming the benchmark FTSE 100 index which now stands 0.18 percent higher at 7,237.72 points.
It has also raised the amount GKN shareholders would own in Melrose following the deal from 57% to 60%.
GKN has fought hard against the approach from Melrose, a firm that specialises in buying up industrial companies it believes are undervalued and restructuring them before selling them on.
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GKN said in a short statement that its board was now evaluating the revised offer, and that shareholders were advised "not to sign any document which Melrose or its advisers send to them".
It has gone directly to shareholders with its offer because, it said, the GKN board continued to refuse any "constructive discussions".
GKN shares rose almost 2% to 442p in early trading on Monday.
Melrose said that the deal with Dana was "ill-thought-through" and would face regulatory hurdles.
The deadline to accept Melrose's increased offer is 1pm on Thursday March 29.
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