Deals
GKN's Rival Suitors Offer Incentives in Race to Woo Shareholders
- Melrose would inject $1.4 billion to shore up pension plan
- Dana plans secondary U.K. listing after buying GKN auto unit
Photographer: Chris Ratcliffe/Bloomberg
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With just over a week to go before a hostile offer for GKN Plc runs out, rival suitors offered up additional sweeteners to convince shareholders of their competing plans for the U.K. aerospace and automotive supplier.
Melrose Industries Plc on Monday pledged to pump 1 billion pounds ($1.4 billion) into GKN’s pension plan, while easing acceptance terms for its unsolicited bid, which runs until March 29. On the other side of the intensifying battle, Dana Inc. promised to list its stock in London following the U.S. company’s proposed takeover of GKN’s automotive unit.