Melrose Industries posts 2017 loss as it pursues hostile bid for GKN
“We are convinced that GKN would gain significantly from becoming part of an enlarged £10bn UK industrial powerhouse," Melrose said
Company
Melrose Industries PLC
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
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GKN plans to return £2.5bn to shareholders in three years as it continues takeover fight
Last month, the FTSE 100-listed company rejected a £7.4bn bid from Melrose Industries, saying it “fundamentally undervalued” the firm
Melrose-GKN takeover would create further value for shareholders, says Barclays
Barclays remains bullish on Melrose, repeating an ‘overweight’ rating and target price of 240p
GKN takes another swipe at Melrose as it warns takeover would weaken pension scheme
The engineering giant has said that Melrose’s proposed £7.4bn takeover would increase debt levels, which in turn “may have implications for…the level of immediate and/ or long term cash funding requirements”
GKN lifts sales forecast for electric car unit as it fights off Melrose hostile takeover
GKN rejected a second takeover bid from investment firm Melrose last week
Investments and investor services
FTSE 100 closes in red amid low volatility
The FTSE 100 closed around 15 points lower - at 7,715
‘That’s a fake premium!’: GKN takes aim at Melrose’s “misleading” comments
“Melrose states that the terms of its offer represent a premium of approximately 32% over the closing share price of GKN on 5 January 2018…GKN’s Board considers 32% to be a fake premium.”
GKN swats away second takeover bid from Melrose
Melrose has taken its bid to buy GKN hostile with a £7.4bn offer
GKN downgraded by Numis as Melrose continues to pursue takeover
Numis lowered its rating on GKN to ‘hold’ from ‘buy’ as it awaits developments
Melrose to meet with GKN shareholders to pursue £7bn takeover
GKN is an "overly complex and under-managed organisation without focus which needs a fundamental change of culture and leadership", says Melrose
FTSE 100 ambles to another high
The Footsie set another record closing level but it was not entirely storming ahead; most of the gain was down to bid stock GKN's 25% rise
Melrose Industries expecting lower taxes in United States
Melrose said that the full implications of the new tax legislation are still being reviewed, though it anticipates that there will be no effect on the financial year to 31 December 2017
FTSE 100 closes slightly higher as European stocks end in positive territory despite German political uncertainty
The FTSE 100 managed to turn away from earlier losses to edge slightly higher at the close
'Classic Melrose': Turnaround specialist could be ready to buy again this year as 2016 revenues surge on last year's US purchase
The group reported that its 2016 revenues more than tripled to £889.3mln, primarily driven by ventilation and home security products maker Nortek.
Further reaction to this week's news boosts Wey Education and Rosslyn Data Technologies
Some of the largest rises and falls in London at 3.20pm included Wey Education, Rosslyn Data Technologies, Thor Mining
FTSE shares end flat, give back record peaks, except Vesuvius
FTSE 100 stocks ends flat on Thursday after falling back from a fresh record high as shares in outsourcing group Capita slumped 9%
Investments and investor services
Can Cobham avoid a sixth profit warning when it releases full year results?
Cobham, Sportech, Travis Perkins, Capita and GoCompare are among the names on Thursday's list.