Melrose Industries sought to win over GKN shareholders to its £7bn hostile bid for the FTSE 100 company by portraying itself as a long-term investor even as it took the axe to its own Brush engineering business by closing factories, cutting jobs and taking a £130m writedown.
Melrose, which specialises in turning round struggling industrial companies, posted an offer document on Thursday for the hostile bid that failed to boost its initial proposal of 1.49 Melrose shares and 81p for each share in GKN. The document sets the clock ticking on one of the UKs biggest bid battles since Kraft swooped on Cadbury in 2…
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