21st May 2018 08:55
LONDON (Alliance News) - Melrose Industries said Monday that the shares in GKN PLC will be cancelled effective Monday morning.
Melrose said its offer for GKN will remain open.
The delisting of GKN comes after the industrial turnaround specialist's offer to by the engineering firm became unconditional in April.
Melrose replaced GKN's board after it had received acceptances for its offer from some 85% of GKN shareholders, and both companies recommended the rest accept the offer.
Melrose's ownership stands at 94%, and Melrose expects to have full control in June. It plans to give further guidance on its plans for the components engineer in the first week of September at the same time as its own interim results.
Shares in Melrose were up 0.9% Monday morning to 239.20 pence each.
Related Shares:
Melrose