"In a four-day week lacking much by way of company results, it's the bitter squabble over control of UK engineering giant GKN that will likely take centre stage.Monday 26 MarchTrading StatementsInstem, SpaceandPeople, Satellite Solutions ..."
urnaround specialist Melrose Industries said on Friday that it was prepared to waive one of the self-imposed conditions involved in its hostile £8.1bn bid for engineer GKN.
The company said it remains in "constructive discussions" with the Committee on Foreign Investment in the US - an agency that reviews transactions to determine their impact on national security. These include detailed discussions in respect of potential interim mitigation measures, which would leave in place any existing mitigation arrangements pending receipt of CFIUS and Diplomatic Security Service approvals.
"On the basis of these discussions, if and to the extent that CFIUS and DSS approvals have not been received before 17 April 2018, Melrose confirms it will waive the CFIUS and DSS conditions to its offer by no later than 17 April 2018 so as to allow the offer to become unconditional in all respects by no later than 19 April 2018."
In what has become an almost daily occurrence since the hostile bid was first announced back in January, Melrose also took the opportunity to remind investors of the superiority of its plans over GKN's.
Melrose chairman Christopher Miller wrote in a letter to be sent to GKN shareholders ahead of the 29 March deadline: "We are now entering the final few days of the offer timeline. The facts speak for themselves: we have the best team to re-energise and repurpose GKN, change the culture and help your company live up to its full potential, creating real value for you."
Watch this space. If the endless tit-for-tat of the last couple of months is anything to go by, GKN will have something else to say about this later in the day.
The Times Business News Commentary (from ADVFN)
Not more corrections from Anne Stevens. Has someone got the GKN bosss 70th birthday wrong again an easy mistake, too, given its still listed at Companies House as March 1948?
No, nothing to do as it happens with her official birthday or her real one in December. This time shes rebutting Melroses misleading statements ones the architects of the £8 billion bid didnt even rebut back, given they stand by all of them.
Anyway, Ms Stevens denies that selling almost 53 per cent of the Driveline business to Dana is hasty and ill-thought through on the grounds that GKN had considered a tie-up with the US company for a number of years. Presumably, all the time it was denying it had any plans to split up the car and aircraft components group. Neither does she have any truck with Melrose claims it has adopted many of the ideas it set out for the aerospace business.
Whatever. Still, it must be news to Melrose that it has absolutely no plan for the business. Its had absolutely the same plan since day one: buy, improve, sell a contrast to Ms Stevens, who has had a new plan most weeks. On January 18 she was correcting Melroses implication that GKN wanted a hasty break-up of the business. This is not the case, GKN declared, with Ms Stevens insisting GKNs current owners should retain 100 per cent of the upside of its turnaround.
Weeks later she was flogging control of Driveline to Dana and putting the powder metallurgy arm on the block. Tot it up and Ms Stevens will be selling 73 per cent of group management revenue and 63 per cent of its trading profit. Or, as the Daily Mail is yet to put it Save GKN and keep control of 27 per cent of sales.
GKN has written to its shareholders urging them not to back Melrose Industries' hostile takeover bid, describing the turnaround specialist as an unsuitable steward of the company.
With a week until the 29 March deadline for shareholders to respond to Melrose's £8.1bn offer, GKN chairman Mike Turner told shareholders Melrose's offer was "wholly inadequate" compared with GKN's own strategy. His letter is the latest salvo in a bitter battle for the future of the FTSE 100 engineer.
GKN published the letter as Melrose said it had reached an agreement with GKN's pension scheme that would protect and improve the position of the scheme's members.
GKN proposes selling its automotive business to Dana Inc of the US, leaving a "world-class" aerospace company that will "positively re-rate" in line with peers, Turner said. GKN shareholders would have a stake in Dana, allowing them to benefit from combining the automotive businesses, GKN said.
Turner referred to Airbus's warning about GKN being owned by a company with a short-term investment plan. Airbus, GKN's biggest customer, said on 21 March it would be almost impossible to award new work to GKN under Melrose's ownership.
"We believe that Airbus is right to be concerned about such an approach and the comments from Airbus reinforce our firmly held belief that Melrose is not an appropriate owner of GKN," Turner said. "Indeed, throughout this process, Melrose has shown itself to be an unsuitable steward of your company with no long term plan."
GKN and Melrose have been locked in an increasingly rancorous battle since GKN's board rejected Melrose's approach in January. Melrose has said GKN's management is not up to the job of reviving the engineer's fortunes while GKN has branded Melrose a novice operator with no plan for the business.
GKN's pension scheme has been one of the main points of contention between the companies. Melrose said it had agreed with the trustees to inject about £1bn into the scheme if its takeover goes ahead.
Melrose's chairman, Christopher Miller, said: "The agreement with the GKN pension scheme Trustees is another concrete example of Melrose's exemplary track record with pension schemes and its desire to look after all stakeholders. This agreement would significantly improve the position of the members of GKN's pension schemes and is in line with our original plans for the business."
""cant see what GKN's argument is apart from their vested interest inholding onto their cushy jobs.""
They do have a point in this statement :-
""Melrose also has a poor track record in cyclical industries. Operating profit at Brush, Melrose's highly cyclical business, has declined by over 75% between 2012 and 2017, and in February 2018 Melrose announced a £145 million write down of the carrying value of Brush.""
I agree that lacklustre management should be shaken up, but a company like Melrose would do nothing for the long term future of GKN driveline or the aerospace business.
The sole reason to buy it is to opportunistically offload it again down the line. That's all Melrose exists for, to turn a short term profit for shareholders and with outsize gains for the management few at Melrose.
Nothing wrong with that, other than you won't have a business with a long term investment return.
GKN branded Melrose Industries a novice operator with no plan, in the latest round of accusations between the companies locked in a hostile bid battle.
The FTSE 100 engineering company published a series of rebuttals to what it described as misleading statements made by Melrose, which is trying to buy GKN against the will of GKN's board.
GKN said Melrose was "a novice in automotive" with little experience in aerospace and no wider plan. It rejected claims made by Melrose about GKN's research and development spending and pension contributions and the proposed sale of GKN's automotive business.
Melrose and GKN have engaged in a war of words since GKN rejected the turnaround company's £7bn approach on 12 January. Melrose lodged a final bid of £8.1bn on 12 March and shareholders have until 29 March to vote on the offer.
GKN has agreed to sell its automotive division to Dana Inc of the US as an alternative to Melrose's claim that it will run the business better. Melrose has said the deal is hasty and not thought through but GKN said it had considered a combination with Dana for a number of years and that Dana approached it in late 2017.
GKN also said:
Melrose is a "novice operator" in automotive and has minimal experience in aerospace, an industry it has been out of since 2007.
GKN had not adopted many of Melrose's ideas for its aerospace business and had already identified changes in 2017.
GKN's research and development spending in 2017 was £262m compared with £230m by Melrose over five years.
GKN has not reduced annual contributions to pension schemes. Contributions rose from £100m in 2015 to £121m in 2016 and £344m in 2017.
Anne Stevens, GKN's chief executive, said: "In scale and nature, GKN is completely different from any business Melrose has ever bought. Melrose lacks the knowledge and experience to manage GKN successfully and has absolutely no plan for the business. Melrose is the high-risk choice. Melrose's offer does not come close to reflecting GKN's true value and I urge shareholders to reject it."
"As we approach the conclusion of this hostile takeover attempt, the Board of GKN wishes to ensure that shareholders have the correct and complete information, and are not influenced by misleading statements made by Melrose Industries PLC ("Melrose") as part of its highly opportunistic offer. We are therefore setting out the facts versus Melrose's claims.
On the Dana deal
Melrose claims the Dana transaction is a "hasty and ill-thought-through transaction"
· GKN has considered a combination with Dana Incorporated ("Dana") for a number of years. Most recently, Dana approached GKN to discuss a combination in late 2017 before Melrose had made its approach
· The combination brings together two highly complementary businesses creating a global leader in light vehicle drivetrain systems and one of the largest powertrain suppliers worldwide. The combined group ("Dana plc") will be a leader across key mobility markets with a portfolio balanced across the passenger car, light truck, off-highway and commercial vehicle segments
· GKN shareholders will receive 47.25% of a world leading vehicle drive systems business, with a standard listing on the London Stock Exchange, and in addition GKN will receive cash proceeds, net of £0.8 billion of pension deficit transfer, of £1.2 billion.
Melrose claims the Dana transaction has been proposed "prior to any improvement made for the benefit of GKN shareholders"
· The combination of GKN Driveline and Dana values GKN Driveline at a highly attractive 2017 EV / EBITDA multiple of 7.5x, with GKN shareholders owning 47.25% of the combined business and enjoying the benefits of expected future value creation
· Following the Dana combination, GKN shareholders will not only continue to have access to the expected Boost benefits from Driveline, but will also share in the significant run-rate synergies of $235 million1 (£170 million) per annum resulting from the combination.
Melrose claims the Dana combination "forces GKN shareholders, if they are so able, to accept shares in a foreign listed company... Many GKN Shareholders will have no alternative but to sell these shares"
· Dana plc's standard listing on the London Stock Exchange will make it possible for more of GKN's shareholders to participate in the expected synergies and value creation opportunity from the combined business
· Dana's decision to implement a standard listing followed extensive discussions with GKN's shareholders.
Melrose claims the Dana combination would "involve a lengthy and uncertain completion process"
· Based on extensive analysis, both GKN and Dana are confident that regulatory approvals will be forthcoming and that the transaction will complete by the end of 2018
· The combination with Dana does not require CFIUS clearance.
On Strategy for GKN Aerospace
Melrose claims GKN has "adopted many of the ideas" for its Aerospace business which Melrose set out in its initial approach
· GKN Aerospace identified opportunities to unlock further value back in 2017 and is already well underway with fixing US sites and moving to a Global Operating Model. GKN Aerospace is now positioned to deliver value to shareholders for decades
· Melrose has so far failed to disclose any plans for GKN's Aerospace business; it is difficult to understand how they can claim GKN copied anything.
On Research and Development
Melrose claims GKN's "expensed R&D spend [is] approximately half of Melrose's"
· Melrose claims to have invested more than £230 million in R&D in Nortek and Elster over the past five years
· In 2017 alone, GKN expensed more than £262 million in R&D.
Melrose claims it has "the best team to realise GKN's full potential"
· Melrose is a novice in automotive. It has no experience as a tier one supplier and has nowhere near the experience of the combined Dana management team and the senior GKN Driveline team
· Melrose is little
I assumed (wrongly?) that you were considering buying (or adding) GKN to a current holding. If so, however patient you are, I find it difficult for GKN to exceed its current level. If the bid falls though then I'd expect GKN to fall below 400p. In any event good luck with whatever you decide.
While 5 years is not necessarily long term the chart shows that the Melrose bid took GKN temporarily to its highest level in 5 years. I fail to see what justification there is to expect GKN to prosper in the future having not done so in the past.
From my point of view, RAC, as I invest for the long term, and any fall back should last only until GKN show that they're delivering the goods, although your point of view will undoubtedly appeal to some.
If a failed bid takes GKN to 360p after it has just come back from 450p then maybe GKN shareholders should take what is currently on offer before it falls further. GKN's management are merely cobbling together a hasty strategy the prime aim of which is to save theor own jobs knowing full well that Melrose will sack them.
Strong sell if bid fails which looks likely. Otherwise a strong buy if Melrose succeeds,
One of the most intense games of corporate ping-pong continued apace on Tuesday, as GKN responded to Melrose's latest allegations over its UK pension schemes.
The FTSE 100 firm had come under fire from turnaround specialist Melrose on Monday - which is working to convince GKN shareholders to accept its hostile takeover bid, as the deadline for acceptance looms.
GKN said on Tuesday that Melrose's comments were "misleading as to the true status" of its pension obligations, post the proposed combination of its Driveline business with Dana.
It said that, as part of the transaction with Dana, GKN would transfer £1.375bn of gross pension and post-retirement medical scheme liabilities, and £818m of pre-tax deficit.
In relation to the remaining pension liabilities, under its binding agreement with the UK pension trustees, GKN said it had agreed actions to eliminate the IAS 19 deficit of its UK schemes, remove the need for expected future cash contributions into the UK schemes, reduce the gross UK IAS 19 liabilities of its schemes to under £2 billion, and substantially reduce the volatility of the remaining UK schemes.
The stand-alone Aerospace business was expected to retain an investment grade credit rating with conservative leverage ratios, GKN claimed.
In comparison, having criticised the well-established and proven liability management exercises agreed between GKN and the trustees, the board said Melrose had not to date agreed any meaningful short-term actions to reduce the existing scheme liabilities.
"GKN has a clear and comprehensive plan to reduce its pension liabilities and eliminate the deficit in its UK pension schemes," said GKN group finance director Jos Sclater.
"We have a binding agreement with the trustees which works for all stakeholders - the scheme members, the trustees and the company and its shareholders."
Sclater said that a month ago, Melrose appeared to suggest that its plan to pay £150m into the pension scheme was sufficient.
"Now it appears to have unveiled a £1bn plan that would achieve less than GKN's own agreement with the trustees, at a greater cash cost which would erode shareholder value.
LONDON (Alliance News) - One of GKN PLC's largest shareholders has publicly declared it will reject Melrose Industries PLC's hostile takeover offer for the company, the Times reported on Tuesday.
Columbia Threadneedle, which owns a 3.4% stake in engineer GKN, has said it will vote in favour of the existing GKN management, the newspaper said.
GKN has been fighting off the bid from Melrose since January, and GKN shareholders have until Thursday next week to declare who they are backing.
Columbia Threadneedle is the third largest shareholder in the company, the Times said, and is the biggest so far to make known its position publicly."
Would be so good if the hostile bid failed and they could get on with running the company. It should have a good future, but would have been better if MRO had never come along, IMO. Poor performance recently masked real investment for the future, and the US mess was a wake-up call.
I'm not often reassured by a sp fall, but in this case I believe that it's reflecting the general view that the bid will fail. Where the sp ends up in the short term should GKN remain independent, I don't know, but I'm guessing around the 360 mark. Place your bets.
Elsewhere, the GKN/Melrose saga continued as Dana Inc, which has agreed to merge with GKN's Driveline business, said the new combined business will hold a standard listing on the London Stock Exchange, in addition to being listed on the New York Stock Exchange. It also said the combined group would create a US and UK-led global leader in vehicle drive systems and electric propulsion, that was well-suited to address the long-term demands of global customers, expecting to deliver $235m (£170m) in synergies.
Meanwhile, Melrose said that its final offer of 466p in value today and 60% of future value creation, was clearly superior to the hasty break-up being pursued by the GKN board. GKN was in the black while Melrose retreated.
I am not happy that there is a build up of shorting in Melrose shares, expecting them to fail in their bid. Melrose and GKN should be allowed to argue their respective cases without the professional gamblers tying to influence things.
"SEP awards are subject to i) EPS performance targets relative to actual end market growth over a three year performance period and ii) the Board?s assessment of successful shareholder value creation over the performance period. Any Shares that vest at the end of the performance period will be subject to an additional two-year holding period prior to release. The vesting of SEP awards is also subject to the Remuneration Committee?s assessment of both the quality of earnings and EPS performance against shareholder expectations. Malus and clawback provisions will apply."
It's sweet sodall compared to MRO Directors' incentive scheme. Haven't you bothered to read your own company's Annual Reports?
Elsewhere, the GKN/Melrose saga continued as Dana Inc, which has agreed to combine with GKN's Driveline business, said the new combined business will hold a standard listing on the London Stock Exchange, in addition to being listed on the New York Stock Exchange. It also said the combined group would create a US and UK-led global leader in vehicle drive systems and electric propulsion, that was well-suited to address the long-term demands of global customers, expecting to deliver $235m (£170m) in synergies.
Meanwhile, Melrose said that its final offer of 466p in value today and 60% of future value creation, was clearly superior to the hasty break-up being pursued by the GKN board. GKN was in the black while Melrose retreated.
Melrose is poised to offer to funnel £1bn into GKN's pension fund in a last-ditch attempt to win its £8.1bn bid for the engineering giant.
The industrial turnaround firm is understood to be in talks with GKN's pension trustees to hike its to around £1bn.
GKN's pension deficit of between £700m and £2.2bn has been one of many sticking points between the two firms, and it has spurred MPs and The Pensions Regulator to .
Melrose last week for the FTSE 100 stalwart to £8.1bn from a previous offer of £7.4bn. GKN has battled against Melrose's hostile takeover advances, which began in January, instead for $6.1bn (£4.4bn).
Melrose took a hit last week as Jupiter Asset Management, one of the largest shareholders in engineering giant GKN, refused to support its bid for GKN.
The development came as major GKN customer Airbus said it would be practically impossible to award the company new work if the bid went ahead.
her salary payment will only be a fraction of what Melrose bosses are likely to get.
Melrose to up payments in pension fund to £ 1 billion to satisfy regulators? On sale of breakup of GKN units. Melrose are now getting a bit desperate to do this GKN deal, not sure what options they would have if they fail. The more the promises the less their shareholders get. GKN could also sell off their own units without paying hundreds of millions to Melrose bosses.
Fury as documents reveal plans to sell motor arm on the cheap to beat takeover
Concerns GKN is selling its automotive arm Driveline on the cheap
Documents released by GKN show it has quietly cut the price tag by £800m
GKN disclosed a share bonus plan for managers if they beat off the takeover
Bosses of engineering giant GKN could pocket up to £70million of bonuses if they fend off a hostile £8billion takeover bid from Melrose, we can reveal.
The revelation comes amid concerns that, as part of its defence against the bid, GKN is selling off its automotive arm Driveline on the cheap.
Documents released by GKN show it has quietly cut the price tag previously placed on the business by £800million.
Revelations of the incentives at GKN are likely to expose top bosses to accusations of hypocrisy.
Its supporters have slammed Melrose for short-termism and for high pay.
Tucked away in the documents setting out its defence against the Melrose bid, GKN disclosed a £70million share bonus plan for around 400 managers if they beat off the takeover and then hit three-year targets.
The payout for GKN chief executive Anne Stevens has not been set out, but it is likely to be worth several million pounds.
The Mail on Sunday revealed in January that Melrose's four executives could share a bonus pot of around £300million if they succeed in taking over GKN and doubling its value.
Unions and MPs have condemned Melrose for what they see as its short-term approach. Jeremy Corbyn has accused it of being out to 'make a quick buck'.
The GKN bonus scheme runs over three years, meaning it pays out two years earlier than Melrose's.
Stefan Stern, director of the High Pay Centre, said: 'It is not as much as the people from Melrose are in line to receive, though £70 million is still an awful lot of money. But the real issue is the short-term time horizon.
'The people running GKN are not following through the logic of their own position.
'If they really want to make the point that they are all about long-term stewardship they should have put their money where their mouth is and made a longer commitment for their own bonus scheme to run for at least five or preferably ten years.
'That would have shown an unequivocal commitment to creating value for shareholders in the long-term
GKN: Driveline is set to sold to US firm Dana
GKN plans to keep its aerospace division but sell its automotive and powder metallurgy arms. Ms Stevens wants to sell Driveline to US firm Dana for £4.5billion.
In the original defence document sent to shareholders in January, GKN put a valuation of around £5.3billion on the Driveline business, based on recent sector deals.
That is £800million higher than the price agreed with Dana, fuelling concerns that the sale is being rushed through at a discount in an effort to defeat the takeover.
Melrose chairman Christopher Miller last week described the Dana sale as 'hasty and ill-thought-through.'
GKN argues the value of the Dana transaction is lower than the previous estimate because it is actually carrying out a merger, rather than a takeover which would have commanded a higher price tag.
The deal is this weekend hanging in the balance. Melrose has been canvassing GKN shareholders directly in the hope of winning their support ahead of the March 29 deadline.
It increased its final offer to £8 billion last Monday. The GKN board rebuffed the improved offer, made up of cash and shares.
It was worth the equivalent of around £4.60 a share when markets closed on Friday. GKN shares ended the week at 426.9p.
The offer has won support from Aviva and another major shareholder but was rejected by the GKN board.
Two asset managers, Jupiter and Lancaster Investment Managers, have lined up publicly behind GKN.
The approach has sent the shares soaring to the highest level since
You have to question who is hostile to who, says Simon Peckham, chief executive of Melrose. Peckham is, of course, referring to his firms £8.1bn bid for aerospace and car parts giant GKN, which has triggered the fiercest takeover battle the City has witnessed in a decade.
Its a provocative point. Yet the 55-year-old is relaxed as he sets out his argument from the companys Mayfair boardroom, where it launched the largest contested bid for a UK company since Krafts swoop on Cadbury in 2009.
Peckham says it boils down to this: GKN has been underperforming for ages and Melrose would be much better at running it. Melrose, with its record of buying struggling businesses, taking up to five years to improve them, then selling them for a big profit, is evidence of this.
Its not right that a management team, which accepts it is not doing a good job and revolutionised how it looks at its business since we turned up has the opportunity to bar someone else who says We can do a better job.
Peckham insists that Melrose always prefers to do deals in private on terms that both sides agree to. Any hostility is from GKNs management towards its own shareholders, he says. His case is that by fighting Melrose they are reducing their shareholders chances of owning a better business with different bosses.
A lawyer by training, Peckham makes it all sound very logical. Still, Melroses approach for the Redditch-based engineer has grabbed headlines, with politicians, unions, investors and the companys pension scheme weighing in.
Melrose has been labelled a short-termist asset stripper whose plans for GKN will lead to major job losses, under-investment that will damage Britains industrial footprint, and wreck the 260-year-old companys retirement scheme.
Criticism has been compounded by a £285m payout that Peckham and three fellow executives stand to share if they hit ambitious growth targets after the deal. Greedy and fat cat are the more polite things said about the quartet, with calls for such a huge amount to be invested back into GKN, instead of going to just a few bosses.
Peckham scoffs at the claims. Some think we buy GKN and get handed a £285m cheque, says Peckham. He emphasises his response. It. Is. Not. True. But the deal documents state that such a payout is possible.
To earn that amount, he counters, Melrose would have to do the same amount of value creation in two years as GKN has done in 250 years wed have to have to add £6bn.
Peckham explains he will get nothing until GKNs market value currently £7.5bn has increased by £1bn. Adding £6bn in two years is a tough target, but Melroses approach has sparked a 25pc surge in GKNs share price.
Peckham is speaking on the day Airbus, GKNs biggest customer, said it would be practically impossible to give the business new work if Melrose took over.
I cant tell you we werent disappointed, says Peckham about the statement from Airbuss plain-speaking chief operating officer Tom Williams. The Melrose chief says hes due to meet with Airbus to alleviate their concerns and emphasise that his company is a long-term R&D investor.
However, hes also somewhat puzzled by the news, pointing out that Airbus doesnt ban private equity-owned companies from its supply chain. Thats not to compare us to private equity, Peckham is quick to say. We dont use their levels of leverage and we develop the companies we own.
GKN wants to merge its Driveline car parts business, while Melrose wants to hold on to it.
Melroses track record speaks for itself, he claims, pointing to it sinking almost £500m into the other companies in its portfolio over the past five years. Our point is that while we might not own a company forever, while we do own it we treat it as if we were going to own it forever, he adds.
He dismisses as utter rubbish suggestions Melrose is over-egging its past
Just to add, if the hostile bid failed, MRO would be trading on the following for 2018 @ sp 224p
Growth 10% into 2019
MCap £4538m - 17 x PTP
Net Debt £670m
MCap £3040 - 12 x PTP
So that's being generous considering their net debt in relation to their size, their track record of running businesses long term absent flogging off any bits and brokers' growth expectations of 10% ish.
Now you're getting ang ry, PF. That's an indication of something..
There's a big difference between something being "worthless", and "not a lot". With "worthless" you end up with nothing; with "not a lot", you have something, and that might end up being worth more, or less, as time passes. This is becoming tiresome, yet again.
I did say that if I was being generous, and the hostile bid failed, MRO's sp could sink as low as 70p, or 150p if I was being generous. Quite a difference, I know, but there's no accounting for investor sentiment.
But, anyway, I'm tired of responding to your illogical outbursts, and corrections to your comments, yet again, so I'll sign off.
Oh, and btw, I have given my reasons for suggesting that MRO would be a sell, assuming a failed bid, which is something that has never been challenged adequately or reasonably. In fact, if the bid succeeded, I would not hold any MRO shares offered as I don't believe that MRO could manage such a large organisation.
Lupo, in the past youve had a SELL recommendation and the following
Been saying that for some time RAC. Seriously, again, if I'd made good profits here, I'd at least take some profits because, without GKN, their prospects are pretty mediocre. Furthermore, this hostile bid has shone the light on MRO's fallibility.
PF - "Pot calling the kettle black Lupo, for someone with NO Melrose shares you spend a lot of time trying to get Melrose holders to sell saying the shares will be worthless if the GKN deal doesnt go through.
Take your own advice. Keep out. "
Firstly, I have never said that MRO shares would be "worthless if the GKN deal doesnt go through."
Secondly, you alone have posted on the GKN board 17 times in the past week, compared to my 4 times on the MRO board.
You continue to warp statements and facts to suit your own thinking - a road to disaster.
A second top shareholder in GKN is prepared to back Melroses hostile takeover of the FTSE 100 engineering group, leaving its future on a knife-edge.
Shareholders and customers of GKN are split as an increasingly bitter, three-month bid battle enters its closing stages.
The top 25 investor in GKN, which asked not to be named, said yesterday that it was currently more favourably disposed to Melrose, but we are very much waiting to see what will happen in the next two weeks.
The institutional investor added that it believed GKN had lost credibility by entering into a panicked deal to sell its Driveline automotive business to Dana, an American rival.
Pot calling the kettle black Lupo, for someone with NO Melrose shares you spend a lot of time trying to get Melrose holders to sell saying the shares will be worthless if the GKN deal doesnt go through.
Guys, if you want to continue trying to justify your belief in the hostile bid, why don't you do it on your own board? Certainly update us on verified news that might concern GKN investors, but this is getting ridiculous. What's the point, we've all had our say, at least all who like posting, and you're not going to change our point of view with conspiracy theories about Airbus' motives, for example.
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