Trump struggling to find replacement for his chief of staff John Kelly
What happens if Theresa May loses Brexit deal vote?
Congress One Short Of Majority But Claims Victory — Madhya Pradesh Cliffhanger
Huawei CFO Meng Wanzhou granted bail following fraud charges
VPD investigates break-in at Huawei CFO's Vancouver home
Melrose ups GKN bid to £8.1bn in 'final offer'
15 March 2018, 03:48 | Tara Lloyd
The stand-off continues
Melrose has gone directly to shareholders with its offer because, it said, the GKN board continued to refuse any "constructive discussions".
Melrose said in a letter from its chairman that GKN shareholders can join it on a 'journey of value creation by investing in a United Kingdom listed manufacturing powerhouse worth over £10 billion today and receiving £1.4 billion of cash'.
So, does that change everything?
"Following the (Dana) transaction, GKN shareholders will own 47 percent of a $14 billion revenue global automotive group and will retain ownership of GKN's outstanding remaining businesses", said GKN Chairman Mike Turner.
Responding to Monday's higher offer, the board of GKN described it "as entirely opportunistic and believes that its terms fundamentally undervalue" the company and its prospects. Melrose has swiftly refocused things on the here and now.
In a letter to GKN shareholders, Melrose chairman Christopher Miller hit out at the takeover target's own efforts to fight off the hostile bid, particularly GKN's recent agreement to merge its automotive business with U.S. firm Dana in a 6.1 billion USA dollar (£4.4 billion) deal.
The engineering group said on Monday it believed it would be worth 503 pence a share given its plans for improving the company.
"It was a little bit better than we thought", he told Reuters. The move came after the blue-chip company agreed a deal last week to merge its automotive division with Dana.
The engineering firm, which can trace its roots back to 1759, is attractive to buyers because of its involvement with growing aircraft programs such as the A350 and the A320, and in cars, where it has been growing market share and supplies manufacturers including Fiat Chrysler and VW Group.
Melrose is not the right owner of GKN.
Lawmakers were concerned that Melrose could break up the engineer and sell parts to foreign buyers, potentially compromising British and USA national security because of GKN's work on defence programmes - the company makes components for the Eurofighter Typhoon combat jet.
"Shareholders should be aware that Melrose is asking them to accept its acquisition paper at 22x 2017 earnings, in exchange for world class businesses which Melrose's offer only values at 14x 2017 earnings".
Trump blocks Broadcom's attempt to buy Qualcomm
Nearly every major business and consumer electronics manufacturer uses Qualcomm's technology as brains for their devices. The other manufacturer with a dog in the fight (and a bone to pick with the U.S. government) is of course Huawei.
Kushner heads to Mexico following Trump-Peña Nieto dispute
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . Trump's remarks on trade have unsettled financial markets, often causing the Mexico's peso currency to shed value.
Nintendo Direct Airs Tomorrow; Showcases New Nintendo Releases
We'll likely get a bunch of indies, a first party game or two ( Mario Aces Tennis), and some other third-party games to boot. Here's hoping that these announcements are particularly awesome as a way of celebrating the Switch's one year anniversary.
Rakitic would 'open door' for Neymar's return
Reports have suggested Neymar is unsettled at PSG , with Madrid regularly linked to a move for the forward since he left LaLiga. Real Madrid manager Zinedine Zidane has predicted that the €400m (£356) transfer barrier will be broken within the next decade.
Florida governor signs compromise school safety bill
Instead, he wanted lawmakers to adopt his own $500 million proposal to put at least one law enforcement officer in every school. Scott told reporters he would "review the bill line by line" and consult with victims' families before deciding his position.
Kenyan president, opposition leader call truce
Waxaa ku guuleystay doorashadii ku celiska ahayd ee Kenya ka dhacday bishii October ee sanadkii 2017 Uhuru Kenyatta, taasi oo Mr. The rare meeting of scions of Kenya's founding fathers elicited mixed reactions but there was a common feeling of optimism.