GKN which employs about 58,000 people including at this aerospace site in Portsmouth is bitterly opposed to Melrose’s hostile takeover attempt
The turnaround specialist offered to pay 467p a share for GKN, which would value the business at £8.1bn and give GKN shareholders 60% of the combined group.
GKN last week agreed to sell its automotive unit to US -based Dana Inc.in a $6.1 billion transaction aimed at repelling Melrose.
Melrose responded by taking its offer directly to GKN investors, ramping up the pressure on GKN's newly appointed chief executive, Anne Stevens.
GKN, one of Britain's oldest engineering businesses, has been fighting off Melrose's advances since mid-January, when it rejected a £7.4bn bid.
"We have a clear plan; GKN does not", said Melrose chairman Christopher Miller, throwing shade at the engineer's strategic plan. It would result, Melrose explained, in the sale of GKN's Driveline business before any improvement "that all parties agree is achievable".
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GKN in a separate statement on Monday said that its board "continues to view the offer as entirely opportunistic and believes that its terms fundamentally undervalue GKN and its prospects".
Melrose has kept the cash part of the deal the same but raised the equity part from 1.49 new Melrose shares. In an open letter to GKN shareholders, Melrose said the Dana deal is floored as many investors won't be able to hold the shares being offered by Dana as part of the deal. Shareholders also would be entitled to receive the 6.2 pence final GKN dividend.
He added: "The outcome of the disposals would leave behind a GKN aerospace business burdened by a disproportionate, and very substantial, amount of gross pension liabilities, inappropriate for the size of the underlying business".
Melrose reiterated investors had until March 29 to accept the new offer.
GKN shares were 2.5%% higher at 446p in early trading on the FTSE 100 - changing hands below the raised takeover price.
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