PRESS: Boost For GKN Management As Shareholder Rejects Melrose Offer

20th Mar 2018 06:48

LONDON (Alliance News) - One of GKN PLC's largest shareholders has publicly declared it will reject Melrose Industries PLC's hostile takeover offer for the company, the Times reported on Tuesday.

Columbia Threadneedle, which owns a 3.4% stake in engineer GKN, has said it will vote in favour of the existing GKN management, the newspaper said.

GKN has been fighting off the bid from Melrose since January, and GKN shareholders have until Thursday next week to declare who they are backing.

Columbia Threadneedle is the third largest shareholder in the company, the Times said, and is the biggest so far to make known its position publicly.

https://www.thetimes.co.uk/edition/business/city-grandee-boosts-gkn-in-bid-battle-hqvz6db2f

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Related Shares:

MelroseGKN PLC