But firm asks investors to back plan to merge auto business with US group Dana and retain aerospace
The UK engineering company GKN has been forced to retract statements suggesting it has backing from shareholders to fend off a hostile £7.9bn takeover bid from the turnaround specialist Melrose.
At the weekend, GKN executives gave bullish interviews in which they expressed confidence that investors would back the industrial group, including pointed references to long-term shareholders supporting its strategy. Short-term investors, including hedge funds, control about 25% of GKN.
Continue reading...from US news | The Guardian https://ift.tt/2GbrWLk
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