Edition:
United Kingdom

Melrose Industries PLC (MRON.L)

MRON.L on London Stock Exchange

232.90GBp
19 Jan 2018
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-2.80 (-1.19%)
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Latest Key Developments (Source: Significant Developments)

Melrose Says Makes 7.4 Bln Pound Firm Offer For GKN Plc
Wednesday, 17 Jan 2018 

Jan 17 (Reuters) - Melrose Industries Plc ::MELROSE INDUSTRIES - FIRM OFFER FOR GKN PLC.ANNOUNCES TERMS OF ITS FIRM OFFER TO ACQUIRE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF GKN PLC.GKN SHAREHOLDERS WILL BE ENTITLED TO RECEIVE: 1.49 NEW MELROSE SHARES FOR EACH GKN SHARE AND 81 PENCE IN CASH.‍ACQUISITION WILL INCLUDE A MIX AND MATCH FACILITY​.‍CASH CONSIDERATION PAYABLE UNDER TERMS OF ACQUISITION WILL BE FUNDED THROUGH A NEW DEBT FACILITY​.BASED ON MELROSE'S CLOSING PRICE OF 234.3 PENCE PER MELROSE SHARE ON JAN 16, DEAL VALUES EACH GKN SHARE AT 430.1 PENCE.MELROSE INDUSTRIES - ‍GROUP NET LEVERAGE IS EXPECTED TO BE IN LINE WITH ITS DECLARED STRATEGY OF APPROXIMATELY 2.5X ENLARGED GROUP EBITDA AS A RESULT OF DEAL​.DEAL VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF GKN AT APPROXIMATELY £7.4 BILLION.MELROSE - "‍MELROSE DIRECTORS, WHO HAVE BEEN SO ADVISED BY ROTHSCHILD AND RBC EUROPE LIMITED, CONSIDER TERMS OF ACQUISITION TO BE FAIR AND REASONABLE"​.  Full Article

Trustees of the GKN Pension Scheme Comment On Proposed Melrose Deal
Tuesday, 16 Jan 2018 

Jan 16 (Reuters) - GKN Plc ::GKN PENSION SCHEME TRUSTEES - "TRUSTEES ARE CONCERNED THAT ANY POTENTIAL PURCHASER OF GKN SHOULD BE AWARE OF RECENT FUNDING POSITION OF SCHEMES".GKN PENSION SCHEME TRUSTEES - "SCHEMES HAD AN AGGREGATE DEFICIT ON A GILTS FLAT BASIS OF £1.1BN, AGGREGATE DEFICIT ON A SOLVENCY BASIS OF £1.9BN".GKN PENSION SCHEME TRUSTEES - "ANY MATERIAL CHANGE TO CORPORATE AND CAPITAL STRUCTURE OF GKN WOULD LEAD TRUSTEES TO REASSESS STRENGTH OF COVENANT GOING FORWARD".GKN PENSION SCHEME TRUSTEES- "EXPECT FULL ENGAGEMENT WITH MANAGEMENT AND WITH ANY RELEVANT THIRD PARTIES".GKN PENSION SCHEME TRUSTEES - "SCHEMES ARE VERY SUBSTANTIAL STAKEHOLDERS IN BUSINESS WITH SIGNIFICANT LEVEL OF RELIANCE ON THE STRENGTH OF GKN COVENANT".  Full Article

GKN Says Melrose Offer Undervalues Co
Monday, 15 Jan 2018 

Jan 15 (Reuters) - GKN Plc ::GKN SPOKESMAN- "GKN’S NEW CEO AND FINANCE DIRECTOR HAVE THE EXPERTISE AND COMMITMENT TO IMPLEMENT OUR TRANSFORMATION PLAN PROJECT BOOST”.GKN SPOKESMAN- "PROJECT BOOST WILL IMPROVE OUR CASH GENERATION AND PROFIT MARGINS - AND MAXIMISE VALUE FOR OUR SHAREHOLDERS".GKN SPOKESMAN- “MELROSE’S OPPORTUNISTIC OFFER TO SHAREHOLDERS FUNDAMENTALLY UNDERVALUES OUR COMPANY AND ITS PROSPECTS".GKN SPOKESMAN- “(MELROSE’S OFFER) WOULD DEPRIVE OUR SHAREHOLDERS OF THE FULL BENEFITS OF THE VALUE THAT GKN INTENDS TO DELIVER ".  Full Article

Melrose Industries Starting Shareholder Meetings To Discuss Proposal For GKN​
Friday, 12 Jan 2018 

Jan 15 (Reuters) - Melrose Industries Plc ::‍MELROSE CONFIRMS THAT IT IS TODAY COMMENCING A SERIES OF SHAREHOLDER MEETINGS TO DISCUSS PROPOSAL FOR GKN​.- "‍MELROSE INTENDS TO SIGNIFICANTLY IMPROVE GKN'S BUSINESSES AS OPPOSED TO A HASTY BREAK UP​".  Full Article

GKN Rejects Buyout Proposal From Melrose, Appoints Anne Stevens As CEO
Friday, 12 Jan 2018 

Jan 12 (Reuters) - GKN Plc ::ANNOUNCES APPOINTMENT OF ANNE STEVENS AS CHIEF EXECUTIVE.‍CONFIRMS GROUP'S CURRENT TRADING​.OUTLINES A TRANSFORMATION PROGRAMME AND FUTURE GROUP STRUCTURE; AND REJECTS A PROPOSAL FROM MELROSE INDUSTRIES PLC.‍Q4 2017 TRADING WAS IN LINE WITH EXPECTATIONS AND GROUP THEREFORE CONTINUES TO EXPECT 2017 MANAGEMENT PROFIT BEFORE TAX((1)) TO BE SLIGHTLY AHEAD OF 2016​.‍GKN IS NOW CREATING DIFFERENTIATED PRODUCT SEGMENTS THAT WILL BE CLASSIFIED AS EITHER CORE OR NON-CORE​.CONFIRMS THAT ON 8 JANUARY 2018 IT RECEIVED A PRELIMINARY AND UNSOLICITED PROPOSAL FROM MELROSE TO ACQUIRE GKN.‍PROJECT BOOST IS A 2 YEAR PROGRAMME TO IMPROVE CASH AND PROFIT THAT WILL INCORPORATE ALL AREAS OF BUSINESS OPERATING SYSTEM INCLUDING CULTURE​.PROPOSAL AT A PRICE OF 405 PENCE PER SHARE, COMPRISING 80% IN NEW MELROSE SHARES AND 20% IN CASH.‍"PROPOSAL WOULD MATERIALLY DILUTE EXPOSURE OF GKN SHAREHOLDERS TO MEANINGFUL UPSIDE OPPORTUNITIES THAT BOARD BELIEVES ARE PRESENT WITHIN COMPANY"​.HAS CONSIDERED PROPOSAL TOGETHER WITH GLEACHER SHACKLOCK, J.P. MORGAN CAZENOVE AND UBS LIMITED, AND HAS UNANIMOUSLY REJECTED IT.  Full Article

Melrose Sees No Effect From U.S. Tax Change In FY 2017
Thursday, 4 Jan 2018 

Jan 4 (Reuters) - Melrose Industries Plc ::‍STATEMENT RE IMPACT OF US TAX LEGISLATION.‍MELROSE ANTICIPATES THAT THERE WILL BE NO EFFECT ON FINANCIAL YEAR TO 31 DECEMBER 2017​.‍FULL IMPLICATIONS OF THIS NEW US TAX LEGISLATION ON GROUP ARE STILL BEING REVIEWED​.US TAX CHANGES EXPECTED TO REDUCE EFFECTIVE TAX RATE FOR FY 18 TO ABOUT 24%.‍US TAX CHANGES EXPECTED TO ALSO "SIGNIFICANTLY" REDUCE AMOUNT OF US TAX PAYABLE ON ANY DISPOSAL FROM WITHIN NORTEK GROUP​​.  Full Article

Melrose Industries announces results of rights issue
Wednesday, 24 Aug 2016 

Melrose Industries Plc : Pleased to announce that, by latest time and date for receipt of valid acceptances it had received valid acceptances in respect of 1,689,589,213 ordinary shares of 48/7 pence each in capital of Melrose . Is expected that dealings in new Melrose shares will commence on london stock exchange's main market from 8.00 a.m.,24 august .Investec Bank Plc, J.P. Morgan securities plc and Merrill Lynch International shall severally use all reasonable endeavours to procure, by no later than 5.00 p.m. On 25 august 2016.  Full Article

Melrose to launch rights issue for Nortek deal
Monday, 8 Aug 2016 

Melrose Industries Plc - 'Window shop period' in respect of its takeover proposal for Nortek inc. ("nortek") expired without Nortek having received a superior proposal - All anti-trust conditions in relation to acquisition have been satisfied - Is taking necessary steps to implement rights issue - Expectation that crest accounts will be credited and nil paid rights will be admitted for trading tomorrow - Expected date for completion of acquisition is 31 august 2016:.  Full Article

Melrose receives final regulatory approval for Nortek offer
Friday, 15 Jul 2016 

Melrose Industries Plc : Final regulatory approvals received for melrose's tender offer for nortek .All anti-trust conditions in relation to tender offer have been satisfied..  Full Article

Nortek says upon termination of merger, co required to pay Melrose about $50 mln
Wednesday, 6 Jul 2016 

Nortek :Upon termination of merger agreement,under specified circumstances,co required to pay melrose termination fee of about $50 million - sec filing.  Full Article

UPDATE 1-Takeover target GKN raises forecast for electric driveline sales

LONDON, Jan 21 GKN, the British engineering company trying to fend off a hostile bid from Melrose Industries, increased its sales forecast for its electric driveline unit on Sunday, saying it had won significant contracts from major global automakers.