February 28, 2018 / 8:39 AM / in a year

Proxy shareholding group PIRC opposes Melrose bid for GKN

LONDON, Feb 28 (Reuters) - Proxy voting adviser PIRC recommended Melrose Industries shareholders oppose the company’s planned hostile acquisition of British engineering group GKN, it said in a note.

GKN has set a deadline to break itself up by the middle of next year to help boost value for shareholders as it seeks to stave off the 7 billion pound ($9.72 billion) bid from Melrose.

PIRC highlighted the hostile nature of the bid, political and security concerns expressed in the United States over the deal, GKN’s strong defence and concerns about losses at Melrose and the risk of further indebtedness. ($1 = 0.7204 pounds) (Reporting by Carolyn Cohn and Simon Jessop, editing by Maiya Keidan)

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