GKN rejects offer from Melrose in what marks Britain’s largest hostile bid

Embattled engineer GKN has rejected a £7.4 billion takeover offer from Melrose Industries in what marks Britain’s largest hostile bid since 2009.

Embattled engineer GKN has rejected a £7.4 billion takeover offer from Melrose Industries in what marks Britain’s largest hostile bid since 2009.

GKN rebuffed the unwanted swoop by turnaround specialist Melrose, saying the formal cash-and-stock offer was "effectively unchanged" from last week’s initial approach, which it rejected for undervaluing the firm.