Melrose Industries PLC (LON:MRO) has taken a step closer to full ownership of GKN PLC (LON:GKN) after receiving acceptances from more than 90% of its shareholders for its takeover bid.
In a statement on Friday, Melrose said it will send formal compulsory acquisition notices to the GKN shareholders who are yet to accept its £8bn cash and shares offer for the engineer.
As previously announced, the turnaround specialist said it will cancel GKN’s shares on the London Stock Exchange, which is expected to take place by May 21.
READ: Melrose to cancel GKN's shares in London after winning takeover battle
“Such cancellation of listing and admission to trading will significantly reduce the liquidity and marketability of any GKN shares not assented to the offer,” Melrose warned the remaining GKN investors who are yet to accept the offer.
“GKN shareholders who have not accepted the offer are urged to do so as soon as possible in accordance with the instructions set out in the final offer document.”
In March, Melrose declared a narrow victory in its battle to buy GKN after receiving valid acceptances for its offer representing approximately 52.43% of engineer’s voting rights.
Last week, Melrose’s bid became unconditional after securing acceptances from 85% of GKN shareholders.
GKN had tried to convince shareholders to vote against Melrose’s hostile bid and instead support its plan to become a standalone aerospace engineer by selling off its other divisions – including Driveline to Dana Inc (NYSE:DAN).