Westminster Hall Thursday 15 March 2018, 3.00pm Debate sponsored by Adrian Bailey MP
Proposed takeover of GKN by Melrose (255 KB , PDF)
On 12 January 2018, GKN’s Board announced that it had received a proposal from Melrose to acquire GKN, four days earlier.
Under the terms of the Proposal, GKN shareholders would hold approximately 57% of the enlarged company and Melrose shareholders would hold 43%.
GKN’s Board unanimously rejected Melrose’s proposal, ‘having concluded that the Proposal is entirely opportunistic and that the terms fundamentally undervalue the Company and its prospects.’
Subsequently, on 12 March 2018, Melrose increased its final offer, offering GKN shareholders to own 60% of Melrose, valuing GKN at 467 pence per share, or £8.1 billion in total. The final offer too was rejected by the Board of GKN.
Unless an extension is granted by the Takeover Panel, the last business day on which GKN shareholders can accept the Melrose Offer is 29 March 2018.
Proposed takeover of GKN by Melrose (255 KB , PDF)
A note on the main measures and impact of the Corporate Insolvency and Governance Act 2020. The Act introduced permanent measures to update the UK insolvency regime, and temporary measures to help businesses during the pandemic.
A Westminster Hall debate on the 'Impact on Anglo-Chinese relations following the AUKUS pact' has been scheduled for Wednesday 20 October 2021 from 9.30-11:00am. The debate has been initiated by Daniel Kawczynski MP.
The Government recently presented the Subsidy Control Bill, which creates a new UK legal framework for public authorities that provide subsidies to businesses. This briefing summarises the Bill, its background and commentary.
