- Deal clinched as Melrose receives acceptances representing 52% of shares
- Melrose chairman Christopher Miller ‘delighted and grateful’
Melrose has won the battle with the GKN management as shareholders voted to back its £8.1billion takeover today.
The result is the beginning of the end for one of the most protracted and acrimonious takeovers the UK has ever seen.
In a stock exchange announcement Melrose said: ‘As at 1.00 p.m. today Melrose had received valid acceptances representing approximately 52.43 per cent. of the voting rights of GKN.’
A majority of 52.43 per cent of shareholders have backed the takeover.
‘Accordingly, Melrose is pleased to announce that the acceptance condition has today been satisfied and that its Offer has therefore become unconditional as to acceptances.’
Melrose chairman Christopher Miller said: ‘We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over £10 billion and a tremendous future.
‘We are looking forward to working with GKN’s talented workforce and to delivering for customers and all stakeholders. Melrose has made commitments as to investment in R&D, skills and people and we are very excited about putting these into action.
‘Let me assure you that GKN is entering into very good hands. We would like to thank our shareholders for their continued support of the Melrose strategy thus far,’ he added.