January 31, 2018 / 6:16 PM / a year ago

Melrose to publish formal bid document for GKN on Thursday - source

LONDON (Reuters) - Melrose Industries is preparing to publish the formal offer document detailing its 7.4 billion-pound hostile bid for British engineer GKN on Thursday, according to a source close to the situation.

The London-listed industrial turnaround specialist did not plan to increase its bid for GKN when it issues the offer document, the source said.

Melrose made a firm paper-and-cash offer on Jan. 17, which at the time valued GKN at 430.1 pence-a-share.

Under Britain’s takeover rules, Thursday is the first day on which Melrose can detail its formal bid.

GKN has rejected Melrose’s unsolicited approach and wants to pursue its own plan of separating itself into its automotive parts and aerospace divisions.

The FTSE 100 engineering company has 14 days to publish its defence against Melrose’s hostile bid once the offer document is posted.

Reporting by Ben Martin; Editing by Edmund Blair

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