The battle for GKN intensified yesterday when the FTSE 100 engineer received a £100 million sweetener to its rescue deal with Dana, of the United States. However, it also was forced by the Takeover Panel to retract statements that suggested it believed it had finally rebuffed a £8.1 billion hostile bid from Melrose.
With three days to go in the largest British takeover battle in a decade, the prospects of GKN’s board winning the war of words appeared to be weakened yesterday when City analysts came out in favour of Melrose’s approach.
Thursday lunchtime is the final deadline for GKN shareholders to accept Melrose’s cash-and-shares offer. Melrose, a £4.3 billion listed corporate takeover vehicle, launched its bid in January following the sacking of GKN’s chief
