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Melrose wins hostile bid for GKN

Melrose Industries has won an £8 billion three month takeover battle for Britain’s GKN.

Melrose told media that 52.4 percent of GKN’s shareholders had accepted its hostile cash-and-shares offer by the time the deadline for a deal expired.

Automotive and aerospace parts supplier. GKN, supplies parts to car manufacturers such as Volkswagen. GKN has 6,000 employees in the UK..

Melrose has made a series of legally binding commitments about GKN’s future. They included pledges on research and development expenditure and a promise the combined firm would remain headquartered in Britain.